- April 27, 2023
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Hong Kong’s Securities Regulator and Futures Commission (SFC) has disclosed that it will be releasing guidance on the regulatory framework for crypto entities in the city in May. According to the SFC CEO, Julia Leung, more than 150 responses have been received as part of an ongoing consultation process for the regulatory framework.
The new regulatory framework, which will mandate crypto platforms to register with the authorities of the city, is set to become effective by June 1. This move will enable licensed exchanges to offer cryptocurrency trading of major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) to retail traders.
This effort is part of Hong Kong’s goal to become a financial hub for cryptocurrency in Asia. The city’s banking sector has been supporting crypto firms, and as a result, several crypto firms have been seeking new banking partners following the U.S. banking crisis. Binance CEO Changpeng ‘CZ’ Zhao previously stated that more funds would move to Hong Kong as regional banks support crypto.
Hong Kong’s Securities Regulator
Currently, two exchanges – Hashkey and OSL – offer crypto trading services under the supervision of the Hong Kong SFC. However, with the new regulatory framework, more exchanges might follow suit.
Crypto exchange Bitget has recently announced that it will no longer provide services for Hong Kong users due to the new regulatory demands. The exchange’s Hong Kong users are expected to transition to its subsidiary, BitGetX HK, which intends to apply for the license under the Hong Kong Virtual Asset Service Provider (VASP) regime.
According to Wu Blockchain, other offshore exchanges have also started restricting Hong Kong users due to regulatory demands. With the new regulatory framework, the city aims to provide a safer and more regulated environment for crypto entities while positioning itself as a financial hub for cryptocurrency in Asia.
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