Hong Kong to Unveil Crypto Licensing Guidelines in May
Julia Leung, CEO of the Hong Kong Securities and Futures Commission (SFC) announced that the regulator will release guidelines on the licensing of virtual asset exchanges next month.
A Bloomberg report detailed that this move comes after the SFC conducted a consultation process that received over 150 public responses regarding the regulatory framework that will apply to crypto exchanges. The new licensing regime for crypto platforms is expected to be implemented by June 1 and will allow retail investors to trade major tokens like Bitcoin and Ethereum.
The SFC aims to establish a fair and effective regulatory framework that safeguards investors and advances the development of the crypto industry in Hong Kong. The guidelines will provide more clarity to the crypto industry in Hong Kong, facilitating the entry of more businesses into the market and ensuring adequate regulation of virtual asset managers.
The Hong Kong government has expressed keen interest in the Web3 industry, allocating 50 million USD in its budget statement to expedite the growth of the ecosystem through the organization of international seminars. In February, the Hong Kong government declared its intention to take advantage of the opportunity presented by the third-generation Internet industry to lead innovation and development.
Meanwhile, Binance CEO Changpeng Zhao disclosed that Hong Kong banks are now backing cryptocurrencies, which could channel more funds to the crypto market, especially stablecoins.
Sources:
https://coinedition.com/hong-kong-regulator-to-unveil-exchange-licensing-guidelines-next-month/
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