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Home Crypto News

Hong Kong’s Securities Regulator to Announce Cryptocurrency Exchange Licensing Guidelines

  • By Vikas Reyaz
  • April 27, 2023
  • 2:44 pm
Photo Credit: PayBito
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Hong Kong’s Securities Futures Commission (SFC) is set to release cryptocurrency exchange licensing guidelines in June, according to a Bloomberg report. Julia Leung, CEO of the SFC, has released guidelines for crypto exchanges, which will allow retail investors to trade major tokens like Bitcoin and Ether in a new licensing regime for crypto platforms. The licensing regime consultation process received over 150 responses from interested parties, and as Hong Kong’s support for crypto businesses grows, more crypto exchanges are expected to follow suit.

Several trading platforms, including Hashkey and OSL, have already begun delivering crypto-related services to investors under SFC supervision. However, Bitget, a cryptocurrency exchange, recently announced that it would no longer provide services to Hong Kong users due to new legal requirements. Other offshore exchanges have also begun to limit Hong Kong consumers due to these legal requirements.

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According to a Forex Suggest study published in July 2022, Hong Kong is the best-prepared country for widespread cryptocurrency adoption, with a crypto-readiness score of 8.6. The study took into account several factors, including the number of crypto ATM installations proportional to the population and geographical size of the jurisdiction, as well as the number of blockchain startups per 100,000 people. Hong Kong’s smaller land mass helped the country top the list, with a network of 146 crypto ATMs, representing just 0.4% of crypto ATMs worldwide. Hong Kong residents are never more than 4.3 miles away from a crypto ATM due to the smaller area.

Overall, Hong Kong is positioning itself as a leading jurisdiction for cryptocurrency and blockchain-related businesses, with growing support from regulatory bodies and a strong infrastructure.

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Disclaimer: Clout Scoop, an independent web-3 media company, delivers real-time news and insights on global trends, cryptocurrencies, stocks, and NFTs for informational purposes only. We want to clarify that our content does not constitute financial advice, and neither Clout Scoop nor our journalists endorse or recommend specific financial actions. We do not solicit funds, provide investment recommendations, or offer financial advice that involves monetary transactions. Readers are encouraged to conduct their own research and seek professional guidance before making any financial decisions. It is important to note that any investment-related decisions made based on our articles are at the reader's own risk, and Clout Scoop and our journalists bear no responsibility for the outcomes. We appreciate our readers' discernment and advocate for a prudent and informed approach to financial matters.

Vikas Reyaz

Vikas Reyaz

Vikas Reyaz is a computer engineering graduate with a BTech in computer engineering, currently lending his expertise as a journalist at Clout Scoop. Holding diplomas in addition to his academic achievements, Vikas excels in creating insightful content on cryptocurrencies, stocks, and NFTs. With a robust foundation in financial industry content writing and development, he effortlessly integrates technical proficiency with a nuanced comprehension of financial markets. Vikas Reyaz is committed to producing precise and engaging content, simplifying the intricacies of the crypto, stock, and NFT realms to broaden accessibility to financial information for a diverse audience.

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