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Hong Kong to unveil crypto exchanges licensing guidelines in May

By:
on Apr 27, 2023
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  • Crypto business guidelines are normally set by Hong Kong’s Securities Futures Commission.
  • Hong Kong has an ambition to become the next crypto hub.
  • Bitget announced it will cease operation in Hong Kong when the new guidelines comes into effect.

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The Hong Kong Securities Futures Commission (SFC) is said to be planning to unveil cryptocurrency exchange licensing guidelines next month. The plans were first reported by Bloomberg earlier today citing comments from the SFC’s CEO, Julia Leung.

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The guidelines will guide cryptocurrency exchanges looking to offer trading services to retail investors. The guidelines are expected to come into effect on June 1.

SFC has already concluded the consultation process

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Julia Leung has said that the consultation on the licensing guidelines received more than 150 responses from interested parties. The new guidelines include Anti-Money Laundering (AML) and Know Your Client (KYC) regulatory requirements.

Some trading platforms like OSL and Hashkey Group have already begun offering crypto-related services to investors under the SFC’s supervision while awaiting the confirmation of the new guidelines.

But while some crypto exchanges are ambitious to offer services in Hong Kong, others have chosen to exit the market. Bitget, for example, on April 24 announced it would cease offering services to its Hong Kong customers when the VASP crypto regime starts on June 1.

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