The Hong Kong Securities and Futures Commission has launched a consultation on proposals to regulate virtual asset trading platforms

2023-02-20 16:29:58

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ChainCatcher news, the Hong Kong Securities and Futures Commission (SFC) today launched a consultation on proposed regulations applicable to operators of virtual asset trading platforms.

Under the new licensing regime that will take effect on June 1, 2023, all central virtual asset trading platforms operating in Hong Kong or actively promoting to Hong Kong investors will be required to obtain a license from the SFC. The SFC's proposed regulatory framework for virtual asset trading platforms is based on the existing regulatory provisions under the Securities and Futures Ordinance and is similar to those applicable to licensed securities brokers and automated trading venues. The SFC also takes this opportunity to propose amendments to certain provisions in the existing regime.

In this consultation, the SFC specifically seeks market opinions on the following matters: whether licensed platform operators should be allowed to provide services to retail investors; if permitted, what additional measures should be implemented besides the proposed series of appropriate investor protection measures (including ensuring suitability when establishing business relationships with clients and regulations regarding token inclusion). (Source link)

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