- This was stated by the head of the Monetary Authority of Hong Kong
- He urged service providers to ‘not count’ on lack of control
- SFC will also publish a consultation paper shortly.
- The exchange licensing regime will come into force here on June 1
- Against this background, the popularity of Hong Kong among counterparties has grown significantly
From June 1, the licensing regime for cryptocurrency exchanges will come into force in Hong Kong. In this regard, many service providers are flocking here, for example, Bybit and OKX.
That’s just regulation, apparently, will be quite tough. About this today, May 9, declared Head of Hong Kong Monetary Authority Eddie Yue:
“Supervision will be tough. Yes, we will allow a new ecosystem to be created here, but this does not mean the absence of control at all.
Recall that in May, the Hong Kong Securities and Futures Commission (SFC) is due to publish a new document on the upcoming regulatory regime. It should clarify the requirements for service providers who wish to obtain a license.
Yue’s statement can be compared to a “slap in the face” for the entire industry. The fact that the regulator immediately outlined its desire to take control of the sector does not speak in favor of Hong Kong as a potentially open market.
Now, according to Yue, the regulator is developing a set of rules for those banks that want to work with the cryptocurrency sector. He also noted that the SFC will publish a consultation paper “in the near future.”
