- SFC announced the preparation of appropriate measures at the beginning of the year
- This decision precedes the introduction of the licensing regime for exchanges on June 1
- The conference will start on May 23 at 15:15 (Kyiv time)
Today, May 23, the Hong Kong Securities and Futures Commission (SFC) will hold a press conference. According to Bloombergwhere the regulator will announce that retail investors in the country can trade cryptocurrencies.
Hong Kong announced plans to open up the digital asset market to individuals back in February. Then the SFC announced that it was carefully “analyzing the issue” and would announce the results by June 1.
It is on this day that Hong Kong is expected to enter into force the Licensing of CA Service Providers (VASP) regime. Apparently, the regulator will present its findings at this press conference.
Recall that the SFC has concentrated its efforts in two main areas – investor protection measures and eligible assets. In particular, the Commission is considering introducing mandatory AML and KYC requirements to comply with international regulations.
Obviously, retail investors will only be able to invest in cryptocurrencies through official service providers. At the same time, the Hong Kong authorities announced earlier that the requirements for applicants “will be tough.”
OKX Chief Commercial Officer Lennix Lai said he was positive about the upcoming conference. In his opinion, the SFC will make an affirmative decision, after which local residents will have access to an “open and promising” market.
Note that OKX is extremely interested in Hong Kong. The exchange began the registration process in the country in March.
The conference will start at 15:15 (Kyiv time). Stay tuned for more information.