The director of licensing and head of the fintech unit of Hong Kong’s Securities and Futures Fee (SFC) has confirmed that the regulator is contemplating permitting retail buyers to speculate instantly in crypto property. “We’ve had 4 years of expertise in regulating this business … We expect that this can be truly a very good time to essentially consider carefully about whether or not we are going to proceed with this skilled investor-only requirement.”
SFC Director on Crypto Regulation in Hong Kong
Elizabeth Wong, director of licensing and head of the fintech unit of Hong Kong’s Securities and Futures Fee (SFC), talked about cryptocurrency regulation throughout a panel dialogue held by Make investments HK on Monday, South China Morning Submit reported.
She defined that the regulatory setting for crypto in Hong Kong is totally different from in mainland China. Emphasizing that Hong Kong can introduce its personal invoice to manage cryptocurrencies, she pressured that it “reveals simply how separate Hong Kong is from the mainland.”
The director confirmed that the SFC is at present contemplating permitting retail buyers to “instantly make investments into digital property.” Over the previous 4 years, the regulator has taken the stance of limiting crypto buying and selling on centralized exchanges to skilled buyers, that are people with not less than HK$eight million (US$1 million) in liquid property, the publication conveyed.
Noting that the crypto business has change into extra compliant, the SFC director mentioned:
We’ve had 4 years of expertise in regulating this business … We expect that this can be truly a very good time to essentially consider carefully about whether or not we are going to proceed with this skilled investor-only requirement.
The federal government of Hong Kong has been growing efforts to lure again fintech firms that left the town because of strict rules.
The SFC launched a regulatory framework for crypto buying and selling platforms in November 2019. Centralized exchanges that present crypto buying and selling companies and intend to supply buying and selling of not less than one safety token might apply to the SFC for a license. “The licensee should solely present companies to skilled buyers,” the regulator clarified. In December 2020, the SFC issued its first license to a digital asset buying and selling platform. On the time of writing, OSL Digital Securities Ltd. is the one licensee listed on the regulator’s web site.
Wong additional famous that the SFC has relaxed some necessities to permit retail buyers to speculate in crypto property over the previous 12 months and the regulator can also be reviewing guidelines on whether or not to permit retail buyers to speculate in exchange-traded funds (ETFs) with crypto publicity.
The SFC will search public feedback on permitting retail buyers to instantly make investments in cryptocurrencies later this 12 months, the director revealed, including that Hong Kong will quickly introduce a compulsory licensing requirement for crypto buying and selling platforms.
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