The Hong Kong Securities Futures Commission (SFC) is set to release its crypto license guidelines in May.
The guidelines will provide support to crypto trading platforms.
Hong King’s Securities Regulator Is Preparing Its Crypto Guidelines
The Hong Kong Securities Futures Commission (SFC) will release its crypto license guidelines in May. this is according to a report earlier today by Bloomberg.
According to the report, the new guidelines will provide support to cryptocurrency trading platforms that will be able to offer trading services to retail investors on June 1.
SFC’s chief executive Julia Leung stated that the consultation process on the licensing regime received over 150 responses from crypto trading platforms.
At the moment, cryptocurrency trading platforms are awaiting the SCF’s response on whether they will be issued Virtual Asset Service Provider (VASP) licensees or not. Despite that, some crypto trading platforms have already begun rolling out crypto-related services to investors under the regulatory agency’s supervision.
Reuters reported that OSL and Hashkey Group are amongst the few trading platforms that have received licenses from the Hong Kong regulator.
Hong Kong is pushing to become one of the major cryptocurrency hubs in the world. However, it is yet to attract some of the biggest names in the crypto trading space.
Earlier this week, Bitget — one of the leading crypto exchanges in the world — announced that it would stop offering services to its Hong Kong customers once the Hong Kong VASP regime takes effect on June 1.