Hong Kong’s Securities and Futures Commission has concluded the consultation period on regulations for crypto trading and will begin to accept license applications in June.
The Securities and Futures Commission (SFC) released consultation conclusions on proposed regulations for crypto trading platforms, according to a statement.
On June 1, the guidelines for virtual asset trading platform operators will become effective and the SFC will begin accepting license applications.
Retail Access
«Operators of virtual asset trading platforms who are prepared to comply with the SFC’s standards are welcome to apply for a license. Those who do not plan to do so should proceed to an orderly closure of their business in Hong Kong,» the regulator said.
While some of the proposed requirements were modified or clarified, in response to industry feedback, the SFC notes that the «majority of respondents agreed to our proposal to allow licensed trading platform operators to serve retail investors».
Robust Measures
«The SFC will implement a number of robust measures to protect these investors including ensuring suitability in the onboarding process, good governance, enhanced token due diligence, admission criteria and disclosures,» the statement added.
In total, The SFC received 152 written submissions from industry and professional associations, professional and consultancy firms, market participants, licensed corporations, individuals and other stakeholders.
