Latest Crypto Breaking News | Hong Kong Seeks to Regulate Cryptocurrency Exchanges
Latest Crypto Breaking News: The economic power seeks to regulate cryptocurrency exchanges. The price of Bitcoin ( BTC ) has increased more than 40% so far in 2023 and its value is approximately USD 23,500. In this bullish context, the government of an important economic city worldwide joined the list of those who seek to regulate cryptocurrencies.
In 2022, the European Commission presented a project in which it seeks to regulate digital currencies and companies that are in charge of crypto activities.
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Latest Crypto Breaking News: Hong Kong Seeks to Regulate Cryptocurrencies
The autonomous city located in the southeast of China, Hong Kong, has begun work to implement rules that register and regulate digital currency exchanges that operate within its territory.
The Securities and Futures Commission ( SFC for its name in English) has reported that it opened the public consultation to receive opinions on the recently proposed requirements for companies buying and exchanging said digital assets and other similar operators, according to the Crypto noticias media.
This consultation aims to understand public opinion on the possibility of the SFC authorizing licensed cryptocurrency exchanges to serve the retail Bitcoin market in Hong Kong.
In addition, the entity also seeks to know what specific measures it should apply to guarantee the security and protection of crypto investors.
WHEN WILL THE CRYPTO REGULATION TAKE EFFECT?
The new regulatory measures had been approved in December 2022, as an amendment to the Anti-Money Laundering and Terrorist Financing Bill.
These rules will come into effect from June 1 of this year and state that any organization or person offering digital currency services within Hong Kong will be required to apply for and hold a license from the SFC.
Finally, it should be noted that, so far, licensed platforms can only operate with professional investors, or with portfolios that have a minimum of 8 million Hong Kong dollars (USD 1 million).
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