Hong Kong’s SFC Moves to Update Crypto Market Regulations Following New Market Developments

Oct 20, 2023

By Jimmy Aki | @jimmy-aki

Hong Kong's Securities and Futures Commission (SFC) has announced plans to update its framework on cryptocurrency sales and requirements amid the evolving market development of the digital asset industry. 

In the regulator’s upcoming amendment notice published on October 20, five major parts were addressed with respect to the crypto industry. 

These include distributing virtual assets (VA)-related products and the provision of crypto dealing services, asset management platforms, advisory services, and implementation steps. 

SFC stressed that while the spread of VA has scaled past regions and increased in popularity, the global regulatory landscape remains uneven. 

The risks associated with investing in digital assets, such as anti-money laundering (AML) and counter-financing terrorism (CFT), are still present. 

However, the SFC and Hong Kong authorities prioritize investor protection due to the burgeoning growth of the cryptocurrency regulatory landscape.

This will be followed with updated stringent measures and requirements to curb risks associated with these assets. 

To read the entire article...Click Here!