The Hong Kong Securities Futures Commission (SFC) is ready to disclose its rules for granting licences to cryptocurrency trading platforms in May. Julia Leung, chief executive of the SFC, made a corresponding statement.
From June 1, investors will be able to benefit from a common standard that will provide protection when dealing with these platforms. The agency said that more than 150 stakeholders contributed to the development of this licensing regime, which includes anti-money laundering (AML) and 'Know Your Customer' (KYC) requirements. At present, most potential licensees are still awaiting confirmation, as some exchanges have already started offering cryptocurrency services, but under the oversight of the SFC.
A Reuters news report revealed that OSL and Hashkey Group are among the few cryptocurrency trading platforms that have been licensed by the SFC and have now started offering relevant services.
Despite the fact that not everyone agrees that Hong Kong should have a single system for cryptocurrency exchanges, Bitget, an exchange with a market capitalisation of $1.4 trillion, said it would not accept customers in Hong Kong after new cryptocurrency trading rules came into effect on June 1. However, such a policy is rare.
Hong Kong has recently become more attractive to cryptocurrency companies. Not only does it claim to be one of the most famous places for virtual currency start-ups and exchanges, but Beijing has also decided to use the industry as a tool to expand its influence and replenish the budget.
The set of defined rules controlling the cryptocurrency market in Hong Kong is far more beneficial to companies than the bureaucracy and tension faced in the US, where exchanges are subject to ever-increasing pressure from the US Securities and Exchange Commission.
