JAKARTA - Not long ago the Hong Kong financial authorities, the Securities and Futures Contract Commission (SFC), announced the results of their discussions on crypto assets in the country. The SFC released the announcement on May 23 yesterday.
In its announcement, Hong Kong regulators allow crypto exchanges to serve crypto trading from local investors. With a note, what can do this is an already registered crypto exchange and complys with SFC rules.
On the other hand, the Hong Kong regulator insists that crypto exchange companies that do not comply with the rules must leave Hong Kong. Crypto regululation guidelines will be in effect on June 1, 2023. The rules cover a number of important aspects to protecting consumers, including asset security, consumer asset separation, avoiding conflicts of interest, and cybersecurity standards.
Although crypto trading for retail has been approved, until now no crypto exchange has received approval from regulators. A number of crypto exchanges such as Huobi, Gate.io, and OKX have submitted applications to the government as crypto service providers in Hong Kong.
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The SFC Hong Kong move has a positive impact on the domestic crypto industry. The SFC approval shows that the level of trust in the digital asset industry has increased significantly. That way, Hong Kong plans to become a center for crypto assets and technological innovation in the Asian region.
In an effort to protect crypto investors, SFC emphasizes the importance of implementing strict procedures in a number of elements. Includes good governance practices, regularity assessments in the registration process, increased token evaluations, and promotion of information disclosure. These are a number of regulatory efforts in providing protection to crypto investors, especially in risk management.
SFC CEO Julia Leung considers a clear regulatory key to drive responsible development. Hong Kong's comprehensive virtual asset regulatory framework follows the principles of 'the same business, the same risks, the same rules' and aims to provide strong investor protection and manage the main risks."
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