Hong Kong Allows Retail Users Access to Crypto Exchange, with a Catch

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Hong Kong’s securities watchdog introduces new plans to let regular investors access virtual assets platform.

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Hong Kong‘s Securities and Futures Commission (SFC) to Permit Licensed Platforms for Retail Investors

On May 23, the SFC made an announcement stating that operators of virtual asset trading platforms can apply for a license if they are willing to follow the proposed guidelines set by the regulator.

The guidelines for virtual asset trading platforms will cover important areas such as ensuring the safety of assets held in custody, keeping client assets separate, and maintaining high cybersecurity standards.

Also Read This Related:BitMEX Releases Hong Kong App

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Although the guidelines will start being enforced in June 2023, the SFC has not yet approved any virtual asset trading platform to offer services to retail investors. During the consultation period, the SFC received 152 written submissions from industry participants, as mentioned in the announcement.

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Furthermore, the SFC has stated that it will be introducing several strong measures to safeguard retail investors. These measures include implementing good governance practices, ensuring suitability during the onboarding process, conducting thorough token due diligence, setting admission criteria, and providing adequate disclosure. These actions aim to enhance protection and security for retail investors, as outlined by the SFC.

We will continue to provide updates on this developing story as more information becomes available.

 

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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