Hong Kong regulator to release guidelines for cryptocurrency exchanges in May = report

Towards a cryptocurrency hub

Hong Kong’s Securities and Futures Commission (SFC) plans to release regulatory guidelines for cryptocurrency exchanges in May, it has been learned. 27, Bloomberg reported.

The contents of this time were announced by Julia Leung, CEO of SFC, at the event. As Hong Kong aspires to become a cryptocurrency hub, much attention is being paid to its regulations and trends.

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Leung also announced that more than 150 submissions were received for a public comment on the regulatory rules that apply to cryptocurrency exchanges. From February to the end of March this year, the SFC was soliciting public comments.

In February, the SFC published a consultative document on the requirements for granting business licenses to cryptocurrency exchanges. The new rules are scheduled to be enforced on June 1 to introduce a licensing system for exchanges, and these rules included a proposal to authorize virtual currency trading for individual investors.

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Considering the opinions solicited at this time, guidelines for virtual currency exchanges are expected to be released in May.

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Central Bank Mentions Cryptocurrencies

Regarding Hong Kong, on the 27th, the Hong Kong Monetary Authority (HKMA), which is equivalent to the central bank, released a statement referring to virtual currencies. The title of the statement is “Capturing New Opportunities and Accessing Banking Services”.

The HKMA said in a statement that as the coronavirus crisis draws to a close and the Hong Kong economy regains momentum, new and international businesses are increasingly opening bank accounts in Hong Kong. Among them, there are increasing voices that it is becoming difficult to open an account due to risks such as money laundering.

He argued that there are no rules prohibiting banks from providing services to cryptocurrency-related companies. He urged banks to take a risk-based approach when vetting clients, and not turn down accounts with a one-size-fits-all approach. They also want their customers to be treated fairly.

In addition, he also explained that he has established an item titled “virtual currency” and is preparing regulations for virtual currency. While account openings for cryptocurrency companies may require more attention in some cases, it said it hopes regulated cryptocurrency companies will go through a fair process to apply.

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