Hong Kong's Crypto License Guidelines: The May Revelation!

Hong Kong's Crypto License Guidelines: The May Revelation!

written by John Murphy | April 28, 2023

According to recent news, the CEO of Hong Kong’s Securities Futures Commission named Julia Leung releases Hong Kong’s Crypto License Guidelines for cryptocurrency next month.

On 27 Apr, Bloomberg reported the plans, which quote comments from Julia Leung, CEO of SFC.

Key Takeaways:

  • Hong Kong’s Securities Futures Commission CEO announced crypto guidelines to be released in May, a step closer to VASP licensing requirements.
  • New guidelines will support crypto trading platforms to offer services to retail investors from June 1st.
  • KYC and AML were major considerations in February, with 20 reports.
  • Some trading firms already offer crypto services under SFC supervision, while most prospective VASPs await licenses.
  • Despite Hong Kong’s crypto hub aim, some platforms like Bitget cease services to Hong Kong customers on June 1st.

Abram.eth took to Twitter and made an announcement that the CEO of the regulator revealed the issuance of guidelines in May. This results in Hong Kong being one step closer to releasing the requirements of the VASP licensing.

The new guidelines offer support to trading platforms of cryptocurrency. On 01 Jun, these platforms can offer trading services to retail investors. Leung stated that more than 150 respondents receive licensing regimes and the consultation process from interested parties. This statement is according to Bloomberg.

Hong Kong's Crypto License Guidelines
Source: decrypt

The major February considerations are Know Your Client (KYC) and Anti-Money Laundering (AML) regulatory requirements. Leung was presumably referring to 20 reports.

APPSI HR SERVICE PVT.LTD. took to Twitter and made an announcement that Julia Leung, chief executive of Hong Kong’s Securities Futures Commission, revealed guidelines for the crypto business.

While confirmation waits for the licenses of most prospective Virtual Asset Service Providers (VASP). Under the supervision of SFC, some trading firms have begun to provide crypto-related services.

According to Reuters, Hashkey Group and OSL are among the few trading companies already taking the SFC license.

Despite the aim of Hong Kong to become the next crypto hub. Every trading platform has chosen to persist around for the long haul.

Giuseppe Rimola took to Twitter and made an announcement about the big moves in the Crypto space of Hong Kong. According to this move, SFA will release guidelines for crypto exchange licensing in May.

Bitget is a crypto exchange worth $1.4 trillion in assets in reserve. On 24 Apr, Bitget announced that it would cease offering services to its customers in Hong Kong. When on 01 Jun VASP regime takes effect in Hong Kong.