Hong Kong will take a “hard” approach to regulating the digital asset sector. Head announced this HKMA Eddie Yue in an interview Bloomberg.
According to the rules proposed in February, from June 1, 2023, all centralized exchanges doing business in the jurisdiction or interacting with local investors must be licensed by the Securities and Futures Commission (SFC).
In addition to permits for trading platforms, by 2024 the authorities will introduce a mandatory licensing regime for stablecoins.
“We will allow [компаниям] to create an ecosystem here, and it’s actually quite exciting. But this does not mean easy regulation,” Yue explained.
According to him, a guide for banks on servicing clients of crypto organizations is currently being developed, information on which will soon be provided by the SFC.
In recent years, measures to restrict digital assets have been tough, but will now be reduced to a “reasonable and sustainable level,” Yue added. However, he noted that the authorities will not allow a repeat of the situation with FTX.
Recall that in April, WSJ journalists reported that Hong Kong banks, including a division of the Chinese state-owned Bank of Communications, began to accept crypto companies as new clients.
Hong Kong authorities later called on local banks to service and support licensed crypto firms.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
Hong Kong will take a “hard” approach to regulating the digital asset sector. Head announced this HKMA Eddie Yue in an interview Bloomberg.
According to the rules proposed in February, from June 1, 2023, all centralized exchanges doing business in the jurisdiction or interacting with local investors must be licensed by the Securities and Futures Commission (SFC).
In addition to permits for trading platforms, by 2024 the authorities will introduce a mandatory licensing regime for stablecoins.
“We will allow [компаниям] to create an ecosystem here, and it’s actually quite exciting. But this does not mean easy regulation,” Yue explained.
According to him, a guide for banks on servicing clients of crypto organizations is currently being developed, information on which will soon be provided by the SFC.
In recent years, measures to restrict digital assets have been tough, but will now be reduced to a “reasonable and sustainable level,” Yue added. However, he noted that the authorities will not allow a repeat of the situation with FTX.
Recall that in April, WSJ journalists reported that Hong Kong banks, including a division of the Chinese state-owned Bank of Communications, began to accept crypto companies as new clients.
Hong Kong authorities later called on local banks to service and support licensed crypto firms.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
