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Hong Kong Demands Crypto Exchange Regulation

03 November 2020 15:00, UTC
Denis Goncharenko
Hong Kong will regulate all crypto trading platforms operating in the financial center, the city's financial authority said.

The Securities and Futures Commission (SFC) of Hong Kong last year launched a regulatory framework specifically for crypto trading platforms. According to the head of the SFC Ashley ALDER, with this approach, some exchanges have managed to operate beyond the regulatory radar of the financial regulator.

The SFC will now propose a new licensing scheme under the FATF Anti-Money Laundering Regulation for all cryptocurrency trading platforms in Hong Kong and for targeted investors in the city. All cryptocurrency trading platforms will need to apply for a SFC license.

Image courtesy of FX Newsgroup