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Home BREAKING NEWS

Hong Kong Securities and Futures Commission to Accept Applications for Cryptocurrency Trading Licenses Starting June 1

by BlockNews Team
May 23, 2023
in BREAKING NEWS, CRYPTO, FINANCE, MEDIA
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The Securities and Futures Commission (SFC) of Hong Kong has announced that it will start accepting applications for licenses for cryptocurrency trading platforms on June 1, 2023. This decision follows a consultation period during which the SFC received 152 written submissions from various stakeholders, including industry associations, market participants, and individuals. 

Specific measures, such as conducting suitability assessments during the onboarding process, ensuring good governance practices, enhancing token due diligence, establishing admission criteria, and providing necessary disclosures, will be implemented to safeguard consultation stakeholders and investors. In addition, the SFC aims to establish clear regulatory expectations that promote responsible development within the virtual asset industry. 

The Guidelines for Virtual Asset Trading Platform Operators, effective from June 1, 2023, outline various requirements for applicants, including the secure custody of assets, segregation of client assets, avoidance of conflicts of interest, and adherence to cybersecurity standards for licensed trading platforms. The SFC will offer additional guidance on these requirements, license application procedures, implementation details, and transitional arrangements. 

In addition to licensing requirements, the SFC has proposed that stablecoins should not be permitted for retail trading until specific regulations for this asset class are established. The regulator has also explicitly prohibited crypto “gifts” designed to incentivize retail customers to invest. 

The guidelines place significant emphasis on the responsibility of platform operators to conduct thorough due diligence. Furthermore, the guidelines address the segregation of client and platform assets, due diligence procedures for token listings, anti-money laundering requirements, and criteria for imposing fines in case of breaches. 

By introducing these guidelines, the SFC aims to establish a comprehensive regulatory framework for virtual assets in Hong Kong, to safeguard investors, manage risks, and support sustainable industry development. The revised guidelines, effective June 1, 2023, represent a significant milestone in regulating cryptocurrency trading platforms within the jurisdiction.

Tags: cryptocrypto adoptionHong KongJapan
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