Hong Kong's Securities and Futures Commission (SFC) concludes consultation on virtual asset trading platform regulation. A majority of respondents agreed to the proposal allowing licensed trading platform operators to serve retail investors. The SFC will implement a range of measures to protect investors including the onboarding process, governance, and token due diligence.
The Guidelines for Virtual Asset Trading Platform Operators will become effective on 1 June 2023.
The new guidelines outline safe asset custody, client asset segregation, and cybersecurity standards. SFC will provide additional guidance on regulatory requirements, license application procedures, and transitional arrangements. Virtual asset trading platforms must be prepared to comply with SFC standards or face an orderly closure of their Hong Kong business.
TokenInsight is dedicated to covering the most important and cutting-edge trends in the world of crypto. If you have information to share with us, please feel free to contact our email news@tokeninsight.com. Your trust will be well respected.
Policy and Regulation
