Hong Kong Regulator Boosts Transparency by Revealing Crypto Platform Applicants
The Hong Kong Securities and Futures Commission (SFC) has introduced a new practice of disclosing the names of companies seeking to establish cryptocurrency trading platforms targeting retail investors in the region.
The SFC, led by CEO Julia Leung Fung-yee, has decided to disclose the names of companies aiming to establish crypto platforms targeting retail investors in the region. This move is a response to recent events, including the suspension of operations by the crypto exchange Jpex and subsequent arrests, which have prompted greater scrutiny of the crypto sector in Hong Kong.
The SFC believes that disseminating information to crypto users will help them better comprehend the associated risks, while also emphasizing that being on the list of applicants does not imply compliance with regulations. Currently, Hong Kong has granted licenses to operate as crypto platforms to only two companies, OSL Digital Securities and Hash Blockchain, while four other entities, namely HKVAX, Hkbitex, Hong Kong BGE Limited, and Victory Fintech Company Limited, have applied for the same license.
Clever Robot News Desk 28th September 2023
Related Article
