cryptocurrency | crypto news
Hong Kong's Amendment, effective on April 1, 2023, will require licensing for all crypto exchanges in Hong Kong. Only Hong Kong-based companies are eligible for licensure, and professional investors may trade on exchanges. The licensing application process will treat cryptocurrencies as "securities" in line with Hong Kong's regulatory attitude, and the amendment excludes over-the-counter (OTC) transactions. Native token-issuing platforms may also have to be licensed. The Amendment provides a pathway for regulatory compliance and is a big step towards making Hong Kong a regional hub for the crypto industry.
The Amendment grants the Securities and Futures Commission of Hong Kong direct regulatory control over cryptocurrency exchanges that are based there.
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