Hong Kong security regulator to issue crypto license guidelines in May

The Hong Kong Securities Futures Commission (SFC) is reportedly acceptable to merchandise cryptocurrency speech licensing guidelines adjacent month.

The plans were reported by Bloomberg connected April 27, which cited comments from the SFC’s main enforcement Julia Leung connected Thursday.

The incoming guidelines volition supply enactment to crypto trading platforms that volition beryllium capable to connection trading services to retail investors connected June 1.

Leung said the consultation process connected the licensing authorities received implicit 150 responses from funny parties, according to Bloomberg.

Anti-Money Laundering (AML) and Know Your Client (KYC) regulatory requirements were immoderate of the cardinal considerations made successful the Feb. 20 study that Leung was presumably referring to.

Julia Leung, CEO, the Securities and Futures Commission Hong Kong code astatine Bloomberg #virtualasset #esg #wealthconnect #ifc pic.twitter.com/M1eCHLP1VZ

While confirmation awaits for astir prospective Virtual Asset Service Provider (VASP) licensees, immoderate trading platforms person already begun offering crypto-related services to investors nether the SFC’s supervision.

OSL and Hashkey Group are amongst the fewer trading platforms to person already received licenses from the SFC, according to Reuters.

Related: Hong Kong’s crypto ambition gets subtle motion from Beijing: Report

Despite Hong Kong’s ambition to become the adjacent crypto hub, not each trading level has chosen to instrumentality astir for the agelong haul.

Bitget — a crypto speech with $1.4 trillion assets successful reserve — announced connected April 24 that it volition cease offering services to its Hong Kong customers erstwhile the Hong Kong VASP authorities takes effect connected June 1.

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