Hong Kong Will Allow Retail Consumers Access To Cryptocurrency Exchanges

South Korea's Ruling Party Wants Crypto Disclosure Laws Early

The Hong Kong Securities and Futures Commission (SFC)~, declared that regulated platforms would soon be able to cater to ordinary investors. The SFC said operators of virtual asset trading platforms are invited to apply for a license if they are ready to follow the SFC’s suggested rules in a statement on May 23.

The standards for virtual asset trading platforms will include, among other things, asset custody security requirements, cybersecurity requirements, and client asset segregation. According to Julia Leung, CEO of SFC, establishing clear regulatory requirements is “key” to fostering an atmosphere for responsible and creative development. The rules will go into force in June 2023, but no platforms for trading virtual assets with retail investors have been given the SFC’s clearance. The SFC reportedly received 152 written submissions from the industry throughout the consultation period, per the release.

The rules will go into force in June 2023, but no platforms for trading virtual assets with retail investors have been given the SFC’s clearance. The SFC reportedly received 152 written submissions from the industry throughout the consultation period, per the release. A “number of robust measures” would also be put in place, according to the SFC, to ensure that retail investors are protected. These include transparency, enhanced token due diligence, enhanced token due diligence, excellent governance, and suitability during the onboarding process.

The announcement made clear that the SFC does not currently control the majority of public access trading platforms for virtual assets. The document went on to advise individuals who didn’t want to follow the future rules to prepare for a “orderly closure” of their commercial operations in Hong Kong. Neil Tan, the leader of the Hong Kong FinTech Association, stated in an interview with Cointelegraph at the beginning of May that the opening of the country’s financial sector to digital assets is “just a natural progression.”

The state-owned Chinese corporation Greenland submitted a license application to trade virtual goods in Hong Kong on May 17. A “number of robust measures” would also be put in place, according to the SFC, to ensure that retail investors are protected. These include transparency, enhanced token due diligence, enhanced token due diligence, excellent governance, and suitability during the onboarding process.

The announcement made clear that the SFC does not currently control the majority of public access trading platforms for virtual assets. The document went on to advise individuals who didn’t want to follow the future rules to prepare for a “orderly closure” of their commercial operations in Hong Kong.

Neil Tan, the leader of the Hong Kong FinTech Association, stated in an interview with Cointelegraph at the beginning of May that the opening of the country’s financial sector to digital assets is “just a natural progression.” The state-owned Chinese corporation Greenland submitted a license application to trade virtual goods in Hong Kong on May 17. The securities watchdog in Hong Kong has unveiled fresh proposals to give regular investors access to platforms for virtual assets.

 

  News on SNBC13.com

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