Hong Kong moots new crypto trading rules

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Updated February 20, 2023 | Published February 20, 2023

2 mins read

Those who do intended to apply for a licence have been advised to prepare for an “orderly closure of their business”.

Hong Kong’s Securities and Futures Commission (SFC) has proposed new rules for virtual asset trading platforms.

The SFC is seeking public comment on whether to allow licensed platforms to service retail investors and if so, “what investor protection measures should be offered” and what range of “robust investor protection measures” should be set in place.

The SFC proposed that all future and pre-existing crypto trading platforms wishing to apply for a license should start reviewing and revising their systems and controls in preparation for the new regime.

Those who do not wish to apply for a license “should start preparing for an orderly closure of their business in Hong Kong”.

Under the new measures, operators will decide whether to carry out due diligence on tokens and monitor them.

Such due diligence includes assessing the regulatory status of the virtual asset in each jurisdiction where the operator provides its trading services.

Operators can only issue tokens that comply with the SFC’s criteria for an “eligible large-cap virtual asset,” listed on two “acceptable indices”.

Smart construct audits on tokens will be carried out to check for security flaws and operators must not offer virtual assets within the definition of “securities” if it could breach Hong Kong‘s Securities and Futures Ordinance.

The consultation is open to the public throughout March and the new licensing regime is set to take effect on June 1.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.
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