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Hong Kong targets May for crypto exchange licensing regulations

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Hong Kong’s Securities and Futures Commission (SFC) plans to release guidance on its crypto licensing framework in May.

Julia Leung, CEO of SFC in Hong Kong, made this clear at the event. report To Bloomberg on April 27th. According to her, there is an ongoing consultation process regarding the regulatory framework for crypto entities in the city, with more than 150 responses received so far.

Regulators said the new regulatory framework will take effect by June 1. This will make it mandatory for crypto platforms to register with city authorities.

By law, licensed exchanges can offer retail traders cryptocurrency trading in major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

Meanwhile, this is part of Hong Kong’s efforts to become a cryptocurrency financial hub in Asia. His two exchanges, Hashkey and OSL, already offer cryptocurrency trading services under the supervision of the Hong Kong SFC.

But more exchanges could follow, mainly because they also serve the city’s banking sector. support For crypto companies. Following the US banking crisis, several cryptocurrency companies have struggled to find new banking partners.

Binance CEO Changpeng ‘CZ’ Zhao previously said that more funds will move to Hong Kong as local banks support cryptocurrencies.

BitGet launches platform for Hong Kong users

Crypto Exchange Bitget Said Due to new regulatory demands, we will no longer serve users in Hong Kong.

According to the exchange, Hong Kong users will have to move to its subsidiary BitGetX HK.

“BitgetX Hong Kong intends to apply for a license under the Hong Kong Virtual Asset Service Provider (VASP) regime and will operate under a transitional agreement to be drawn up under the Hong Kong VASP regime until the license application is approved. increase.”

On the other hand, Wu Blockchain report Due to regulatory demands, other offshore exchanges have also started restricting Hong Kong users.

A post about Hong Kong eyeing crypto exchange licensing regulations in May first appeared on CryptoSlate.

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