Recently CEO of Hong Kong‘s Securities Futures Commission (SFC), Julia Leung has reportedly revealed the crypto business guidelines. According to Bloomberg, Leung stated that the consultation process relating to licensing regime received more than 150 responses from interested parties. However, the clear regulations about the cryptocurrency exchange licensing guidelines in the month of May.
It is believed that the expected guidelines will be focused on providing support to crypto trading platforms and allow trading services for retail investors starting June 1, 2023. Also, the Anti–Money Laundering (AML) and Know Your Client (KYC) are the two other aspects of regulatory requirements as indicated by Leung in February.
While the confirmation is awaited for most prospective Virtual Asset Service Provider (VASP) licensees, most trading platforms have begun offering crypto–related services to investors under the supervision of the Securities Futures Commission (SFC). According to Reuters, Hashkey Group and OSL are amongst the trading platforms to receive licenses from SFC.
However, Hong Kong‘s vision to be the next crypt hub is not much appreciated by every trading platform as they do not choose to stick around in the long run. Bitget, the popular crypto exchange with around $1.4 trillion assets in reserve announced on April 24 that it will stop offering services to its Hong Kong Customers once the VASP regime comes into effect from June 1 onwards.