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Hong Kong: Signing up with regulator no longer optional

  • Signing up with the SFC was optional last year if a crypto-exchange did not offer securities
  • It is now mandatory to sign up with the regulator
  • This is done to comply with the FATF’s guidance

Hong Kong’s SFC

The Securities and Futures Commission (SFC) in Hong Kong has updated their requirements for virtual asset service providers (VASPs). Previously, only exchanges offering securities or a mixture of cryptocurrencies and securities were required to sign up with the regulator.

SFC Keynote

According to Clara Chiu, the Director of licensing and Head of FinTech unit at the SFC stated that the government’s proposed a widened “supervisory net over centralised virtual asset trading platforms so that Hong Kong could comply with the requirements of the FATF.

New Regulatory Guidance

Hong Kong will soon issue a new consultation paper as to how centralized virtual asset trading platforms should be regulated.

The keynote did not mention how, when or if decentralised trading platforms would be under the purview.

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