Hong Kong wants cryptocurrency trading platforms to be regulated – SFC
Hong Kong will regulate all cryptocurrency trading platforms operating in the financial hub, Reuters reports.
Other financial centres in Asia such as Japan and Singapore have licensing regimes which require all cryptocurrency trading platforms to be regulated.
In contrast, while Hong Kong’s Securities and Futures Commission (SFC) launched a regulatory framework specifically for cryptocurrency trading platforms last year, this was restricted to those platforms that traded an asset officially classed as a security or future, not just tokens like bitcoin.
Consequently, the Hong Kong government, today, will propose a new licensing regime today under its anti-money laundering legislation, requiring all cryptocurrency trading platforms that operate there, or target investors in the city, to apply for an SFC licence.
