CandleFocus Hong Kong regulators assure more crypto exchange approvals before year end
2024-10-30
Author: Content Editor
The Hong Kong Securities and Futures Commission (SFC) is prepared to grant more licenses to cryptocurrency exchanges, but they must pass rigorous compliance checks first. The SFC has released a licensing framework that addresses key issues such as anti-money laundering practices and asset custody. Several exchanges have already received licenses, while others were given provisional licenses pending the resolution of certain issues. These new licenses are expected to enhance Hong Kong's reputation as a cryptocurrency hub. The SFC's Executive Director, Dr. Eric Yip, believes that regulatory scrutiny will encourage market participants to operate within legal boundaries, fostering the adoption of digital assets. Hong Kong has become more proactive in regulating cryptocurrencies following a major fraud case. The SFC has become known for its comprehensive policy on digital asset regulation and Hong Kong was the first in Asia to launch cryptocurrency ETFs.
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