Hong Kong financial authorities to introduce regulation of crypto platforms

The Hong Kong Securities and Futures Commission (SFC) intends to introduce regulation for crypto exchanges that operate in the country.

Last year, the department asked market participants to register on the SFC website that are engaged in cryptocurrency activities or offer customers at least one digitized share. The new rules will allow introducing control over the work of such platforms and counteracting illegal activities with new trading instruments.

According to the head of the Hong Kong Securities and Futures Commission Ashley Alder, if market participants refuse to follow the new regulations, then such actions will be regarded as a crime. It should be noted that the exact dates of entry into force of the legislation are not named, as well as the need to obtain a specialized license.