Hong Kong Considers Regulating Crypto Exchanges

The Securities and Futures Commission (SFC) in Hong Kong wants to make rules for crypto exchanges that wish to serve regular people in Hong Kong. They are asking people to give their opinions on these rules.

Crypto users praised the Hong Kong government when it announced that it would allow regular people to trade crypto from June 1st. But, to make sure it’s safe for people to invest, the leader of the SFC, Julia Leung, said that regular people could trade only popular and easy-to-sell types of crypto.

Because Hong Kong wants to make it okay for people to trade crypto, the SFC made a paper to ask people what they think about their rules for crypto exchanges. If you want to trade crypto in Hong Kong, the crypto exchange needs a special license from the SFC.

Moreover, The SFC wants people’s opinions on whether licensed crypto exchanges should allow regular people to trade. And how to make sure those people are safe while trading.

Julia Leung said they want to make strict rules to keep people who trade crypto safe. They believe everyone who sells crypto should follow the same rules. The SFC wants people who trade crypto to say what they think about these rules before March 31st.

Hong Kong Regulator Targets Illegal Crypto Exchanges; Huobi Seeks Approval

The SFC wants all crypto exchanges to apply for a license. Moreover, the deal must stop trading to avoid applying for a permit. Justin Sun, who made Tron and advises Huobi, said he would start selling in Hong Kong, and he also said,

With the new license, Huobi will be able to expand its services and offerings to customers in Hong Kong, providing a wider range of crypto trading and investment options,

Huobi’s new exchange, called Huobi Hong Kong, will focus on letting rich people and big companies trade crypto.

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This article conveys general information, and the opinions expressed should not be considered personal advice for any individual or specific security or investment product.

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