January 31, 2023

Hong Kong regulator to issue cryptocurrency exchange licensing rules

According to the head of the Securities and Futures Commission of Hong Kong (SFC) Ashley Alder (Ashley Alder), the regulator plans license cryptocurrency exchanges and will soon issue rules for such sites.

Reuters reports that the set of requirementswill establish rules for storing the assets of customers of cryptocurrency exchanges, requirements for identifying users, and will also regulate other aspects of the trading floors.

“The rules will allow sites that provide the opportunity to trade virtual assets to be regulated by the SFC. This is a really big step forward, ”said Alder.

Primitive Ventures Partner Davy Van(Dovey Wan) noted that this is great news for the Huobi exchange, which is already listed on the Hong Kong stock exchange through a reverse listing. SFC regulation will allow other cryptocurrency sites to more specifically operate in Hong Kong.

Note that last year, the SFC introduced the rules for cryptocurrency funds, but over the past time only one company received a corresponding license.