The Hong Kong Securities and Futures Commission (SFC) has taken a “protective regulation” approach to cryptocurrencies, in contrast to recent heavy-handed regulations in the United States, according to investor Bernstein, the company, said in a Feb. 20 research report.
Bernstein said this could be a “crucial tipping point” for the crypto industry, with capital and talent moving to Asia with Hong Kong as a crypto hub.
On February 20, the SFC announced draft rules for its cryptocurrency trading platform and solicited public comments. According to the report, the SFC plans to allow retail investors access to regulated exchanges with restrictions, suggesting that trading with sanctioned exchanges is preferable to offshore or unregulated exchanges. Because it’s good.
Since the SFC has postponed the decision on whether to allow virtual currency derivative transactions, it is not subject to transactions at this time.
The new licensing regime will go into effect on June 1, with a 12-month transition period for existing cryptocurrency exchanges. New exchanges that do not operate in Hong Kong will have to comply with the regime before starting operations.
|Translation: coindesk JAPAN
|Editing: Toshihiko Inoue
|Image: Shutterstock
|Original: Hong Kong’s Approach to Crypto Regulation Could Attract Capital, Talent to Asia: Bernstein
Hong Kong Regulator’s Approach, Potential to Attract Capital and Talent to Asia: Survey Report | coindesk JAPAN | Coindesk Japan appeared first on Our Bitcoin News.
