04-27-2023 icon

Hong Kong Securities Watchdog to Roll Out Digital Currency Permission Requirement in May

By Lucy Adegbe
Hong Kong

The Hong Kong Securities Futures Commission is allegedly prepared to roll out digital currency trading permission requirements in the coming month, as published by Bloomberg on Thursday, referencing statements from the securities regulator chair Julia Leung.

It is anticipated that the requirements will offer assistance to digital currency exchange protocols that can render exchange services to non-professional investors on the 1st of June.

According to Leung, the discussion procedures on the permission regime got more than 150 replies from concerned individuals, as reported by Bloomberg 

Anti-Money Laundering as well as Know Your Client (KYC) managerial conditions are some of the major deliberations drawn out in the February 20th information that Leung was seemingly pointing at.

While verification is still pending for many proposed Virtual Asset Service Provider (VASP) operations permission, a number of exchange protocols have commenced rendering digital currency-related assistance to shareholders under the securities regulator’s watch.

Amongst the limited crypto exchange protocols that have scored operations permission from the nation’s Securities regulators are OSL and Hashkey Group, as disclosed by Reuters.

While Hong Kong has attempted measures to qualify it as a major digital currency hub, not many exchange protocols have deemed it fit to remain in the region for long.

On April 24, Bitget crypto trading platform disclosed its plans to suspend operations in the Hong Kong region from the 1st of June when the nation’s VASP policy is enforced.