HK SEC: Implementation of the Virtual Assets Regulation From 1 June

HK SEC: Implementation of the Virtual Assets Regulation From 1 June

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.

Source

Policy and Regulation

Related News
South Korea imposes sanctions on North Korean crypto hackers, IT operatives South Korea imposes sanctions on North Korean crypto hackers, IT operatives
Bitcoin drops below $100,000 after Fed Chair Powell’s comment against BTC reserve Bitcoin drops below $100,000 after Fed Chair Powell’s comment against BTC reserve
Iran moves to regulate crypto instead of imposing limits: report Iran moves to regulate crypto instead of imposing limits: report
Donald Trump appoints David Sacks to lead AI and crypto at White House Donald Trump appoints David Sacks to lead AI and crypto at White House
South Korea’s short-lived military rule sparks record $34 billion in local crypto trade South Korea’s short-lived military rule sparks record $34 billion in local crypto trade
Latest News More More
1 Day Ago Mantra and Damac sign $1B deal to tokenize Middle Eastern assets
1 Day Ago Fetch.ai launches $10M accelerator for AI agent startups
1 Day Ago Fidelity’s spot bitcoin, ether ETFs post largest daily net outflows since inception
2 Days Ago Polkadot-based Phala Network launches Ethereum Layer 2 rollup
2 Days Ago Coinbase premium flips positive for first time in weeks, indicating rising bitcoin demand from US investors
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open