Hong Kong Regulators To Unveil Crypto Exchange License Guidelines In May

Those hopeful that Hong Kong becomes a promised land for crypto can expect a clearer picture of regulatory demands in the region as soon as May.

Hong Kong's Securities and Futures Commission intends to publish guidelines on its licensing regime for crypto exchanges in the coming month, according to a Bloomberg report that referenced comments made by the watchdog's Chief Executive Officer Julia Leung at an unidentified event.

Leung also said at the event on Thursday that a consultation process that fed into the regulatory framework got more than 150 responses.

The Block reported on Feb. 20 that authorities in Hong Kong were planning to lift a ban on retail trading of cryptocurrencies. At that time, the SFC also put operators on notice that all trading platforms would need to be licensed by June 24, or cease operations. The SFC said at the time that it was looking "to strike a better balance between investor protection and market development."

Hong Kong's crypto regulations

Developments toward a more crypto-friendly regime in Hong Kong have been hailed across the industry — all the more so with authorities in Singapore believed to be taking a harder line following the collapse, last year, of the Terra blockchain and Three Arrows Capital, the hedge fund. Both outfits had at least part of their operations based in Singapore.

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