The Hong Kong Securities Futures Commission (SFC) will reportedly release licensing guidelines for cryptocurrency exchanges in May, according to the CEO of the commission Julia Leung.
The intentions were reported by Bloomberg on April 27, citing SFC CEO Julia Leung’s comments. The forthcoming regulations will support crypto trading platforms that can offer trading services to retail investors beginning on June 1.
According to Bloomberg, Leung stated that the licensing regime consultation process received over 150 responses from interested parties.
Anti-Money Laundering (AML) and Know Your Client (KYC) regulatory requirements were among the essential considerations in the report dated February 20 to which Leung was likely referring.
While most prospective Virtual Asset Service Provider (VASP) licensees await affirmation, some trading platforms have already begun offering crypto-related services to SFC-regulated investors.
According to Reuters, OSL and Hashkey Group are among the few trading platforms that have received licenses from the SFC.
Only some trading platforms have chosen to remain in Hong Kong for the long term, despite the city’s desire to become the next crypto hub.
Bitget, a cryptocurrency exchange with a reserve of $1.4 trillion, announced on April 24 that it will cease offering services to Hong Kong clients when the Hong Kong VASP regime goes into effect on June 1.
