The director of licensing and head of the fintech unit of Hong Kong’s Securities and Futures Commission (SFC) has confirmed that the regulator is contemplating enabling retail buyers to devote straight in crypto assets. “We’ve experienced four many years of experience in regulating this marketplace … We feel that this might be in fact a superior time to definitely believe meticulously about no matter whether we will proceed with this skilled trader-only requirement.”
SFC Director on Crypto Regulation in Hong Kong
Elizabeth Wong, director of licensing and head of the fintech device of Hong Kong’s Securities and Futures Commission (SFC), talked about cryptocurrency regulation all through a panel discussion held by Commit HK on Monday, South China Morning Put up documented.
She stated that the regulatory setting for crypto in Hong Kong is unique from in mainland China. Emphasizing that Hong Kong can introduce its very own invoice to control cryptocurrencies, she pressured that it “shows just how different Hong Kong is from the mainland.”
The director verified that the SFC is at the moment thinking about permitting retail investors to “directly make investments into digital property.” Around the past four a long time, the regulator has taken the stance of restricting crypto trading on centralized exchanges to experienced buyers, which are individuals with at the very least HK$8 million (US$1 million) in liquid property, the publication conveyed.
Noting that the crypto sector has turn out to be more compliant, the SFC director claimed:
We have had 4 many years of experience in regulating this marketplace … We assume that this may well be actually a excellent time to seriously consider cautiously about whether we will keep on with this experienced trader-only requirement.
The government of Hong Kong has been growing initiatives to entice again fintech businesses that left the city because of to rigid rules.
The SFC released a regulatory framework for crypto buying and selling platforms in November 2019. Centralized exchanges that present crypto buying and selling products and services and intend to give buying and selling of at the very least one particular safety token may utilize to the SFC for a license. “The licensee have to only supply expert services to skilled investors,” the regulator clarified. In December 2020, the SFC issued its 1st license to a digital asset investing platform. At the time of creating, OSL Digital Securities Ltd. is the only licensee mentioned on the regulator’s web site.
Wong even further noted that the SFC has calm some specifications to allow for retail investors to commit in crypto assets about the previous 12 months and the regulator is also examining procedures on whether or not to allow for retail traders to invest in trade-traded cash (ETFs) with crypto exposure.
The SFC will seek general public comments on allowing for retail buyers to instantly invest in cryptocurrencies later on this calendar year, the director uncovered, incorporating that Hong Kong will before long introduce a mandatory licensing requirement for crypto investing platforms.
Tags in this tale
Elizabeth Wong, Hong Kong, hong kong crypto, Hong Kong crypto ETF, Hong Kong crypto licensing, Hong Kong crypto restrictions, hong kong cryptocurrency, Hong Kong cryptocurrency regulation, Hong Kong vs mainland China, mainland China crypto regulation, SFC
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Kevin Helms
A pupil of Austrian Economics, Kevin observed Bitcoin (
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