Hong Kong to regulate digital asset exchanges
Hong Kong’s SFC has asked the public for opinions on whether centralized digital currency exchanges in the country should be allowed to serve retail customers and what regulations to implement.
Hong Kong’s SFC has asked the public for opinions on whether centralized digital currency exchanges in the country should be allowed to serve retail customers and what regulations to implement.
Securities and Futures Commission Chairman Tim Lui said that the commission would be open to hiring individuals from both Mainland China and foreigners should the need arise.
In the "Conclusion of Discussion Paper on Crypto-assets and Stablecoins," HKMA confirmed that it received 58 submissions, urging it to adopt a "risk-based approach" towards regulating stablecoins.
Amber terminated the contracts of 40 individuals across several departments in its Hong Kong office, including risk management, IT, and the entire audit and compliance unit.
Sam Park, CEO of Samsung Asset Management in Hong Kong, expressed optimism that the city-state will soon give the green light for spot-based ETFs, with its goal of "developing a crypto hub."
The new trading restriction will take effect once the new licensing regime for digital assets passes in June.
Chan noted that under the policies of "grabbing" enterprises and talents, the gov't is actively reducing the tax burden on fintech and digital asset firms interested in setting up shops in Hong Kong.
The wider virtual currency ecosystem could gain from converting the planned CBDC to a stablecoin, according to Wu Jeizhuang, member of Hong Kong’s Legislative Council.
The application for the new licensing requirement is expected to start on June 1, but the Securities and Futures Commission has yet to clarify its plan to expand the rules to include retail investors.
Police in Hong Kong suspect that the AAX's scheduled "system maintenance" that led to funds being unable to be withdrawn was a means to defraud customers of their digital assets.
The Securities and Futures Commission clarified that it doesn’t regulate the industry and urged caution from investors, reminding them they risk losing all their money amid FTX collapse.
Hong Kong’s lawmakers passed an amendment to the city’s AML laws that takes effect on July 1, bringing VASPs under the purview of the SFC for the first time.