{"id":389963,"date":"2023-04-27T22:03:41","date_gmt":"2023-04-27T22:03:41","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=389963"},"modified":"2023-04-27T22:10:01","modified_gmt":"2023-04-27T22:10:01","slug":"crypto-firms-in-hong-kong-to-receive-licensing-guidance-next-month-from-regulator","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/crypto-firms-in-hong-kong-to-receive-licensing-guidance-next-month-from-regulator","title":{"rendered":"Crypto Firms in Hong Kong to Receive Licensing Guidance Next Month from Regulator"},"content":{"rendered":"

The Securities and Futures Commission (SFC) of Hong Kong is set to issue guidelines for crypto licensing in May. The guidelines are expected to provide regulatory clarity and will cover virtual asset managers, fund distributors, and trading platform operators.<\/span><\/p>\n

The <\/span>guidelines <\/span><\/a>are expected to provide more clarity to the cryptocurrency industry in Hong Kong, which has been facing significant challenges from banks and regulators. The lack of clear regulatory guidelines has made it difficult for crypto firms to operate in the city.<\/span><\/p>\n

The guidelines are part of the SFC’s efforts to bring more clarity and transparency to the cryptocurrency industry<\/a> in Hong Kong. In November 2020, the SFC released a new regulatory framework for virtual asset trading platforms, which requires all virtual asset trading platforms to be licensed or registered with the SFC.<\/span><\/p>\n

The new guidelines are expected to provide additional clarity to the industry, particularly for virtual asset managers and fund distributors. The guidelines are also expected to cover topics such as anti-money laundering (AML) and counter-terrorist financing (CTF) requirements.<\/span><\/p>\n

The SFC’s move to issue crypto licensing guidelines comes as other jurisdictions around the world are also beginning to take a more proactive approach to regulating the cryptocurrency industry.\u00a0<\/span><\/p>\n

In the United States, for example, the Securities and Exchange Commission (SEC) has been cracking down on unregistered initial coin offerings (ICOs) and has issued guidelines on how cryptocurrencies should be classified under existing securities laws.<\/span><\/p>\n

Benefits of Clear Crypto Regulation<\/span><\/h2>\n

In Europe, regulators are also beginning to take a more proactive approach to the cryptocurrency industry. The European Union (EU) has recently proposed a new set of regulations that would require cryptocurrency exchanges to register with regulators and follow anti-money laundering (AML) rules.<\/span><\/p>\n

The SFC’s move is expected to be well received by the cryptocurrency industry in Hong Kong. The city is known for its vibrant cryptocurrency ecosystem, which has attracted many companies to set up shop in the city. However, the lack of regulatory clarity has hampered the growth of the industry, with banks being particularly cautious about providing services to cryptocurrency firms.<\/span><\/p>\n

The move is also expected to provide an opportunity for banks to participate in the cryptocurrency industry in a regulated manner, which could help to mitigate some of the risks associated with the industry.<\/span><\/p>\n

Overall, the move by the SFC represents a significant step forward for the cryptocurrency industry in Hong Kong. The guidelines will provide much-needed clarity for virtual asset managers, fund distributors, and trading platform operators, which should help to facilitate the growth of the industry in a regulated manner.\u00a0<\/span><\/p>\n

While there are still challenges facing the industry in Hong Kong and other jurisdictions around the world, the guidelines are an important step forward in addressing some of these challenges.<\/span><\/p>\n

\n <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Securities and Futures Commission (SFC) of Hong Kong is set to issue guidelines for crypto licensing in May. 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