Hong Kong's Securities and Futures Commission (SFC) will reportedly release guidelines for cryptocurrency trading licensing next month.
The plans were reported by Bloomberg on April 27, citing comments from SEC Chief Executive Julia Leung. The forthcoming guidance will provide support for crypto trading platforms that will be able to offer trading services to retail investors on June 1.
Liang said the consultation process on the licensing regime received more than 150 responses from interested parties, according to Bloomberg. Anti-money laundering (AML) and know-your-customer (KYC) regulatory requirements are some of the key considerations raised in the Feb. . 20 report that Leung is likely to refer to.
While most potential virtual asset service provider (VASP) licensees are awaiting confirmation, some trading platforms have already begun offering crypto-related services to investors under the supervision of the SFC. According to Reuters, OSL and Hashkey Group are among the few trading p platforms that have been licensed by the SFC.
Despite Hong Kong's ambitions to become the next cryptocurrency hub, not every trading platform is choosing to stick around for the long term. Bitget a cryptocurrency exchange with $1.4 trillion in reserve assets — announced on April 24 that it will stop serving it s Hong Kong clients when The city's VASP regime comes into effect on June 1.
