According to Cointelegraph, the regulations will ensure backing of crypto trading platforms
Hong Kong Securities Futures Commission (SFC) will unveil cryptocurrency exchange licensing regulations in upcoming month, as stated by Cointelegraph.
According to Cointelegraph, the regulations will ensure backing of crypto trading platforms which will be able to permit trading facilities to retail investors from April 1, 2023. Julia Leung, chief executive, SFC, stated that the consultation procedure garnered responses from more than 150 parties.
Based on information by Cointelegraph, Anti-Money Laundering (AML) and Know Your Client (KYC) regulatory needs were taken up in the February 20, 2023, report, that’s been referred to by Leung. Reportedly, authorisation is yet to be received for Virtual Asset Service Provider (VASP) licensees. However, certain trading platforms have begun providing crypto-based facilities based on SFC guidelines.
Moreover, Cointelegraph noted that OSL and Hashkey Group have already secured licenses from SFC.
(With insights from Cointelegraph)
Source:financialexpress.com