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Hong Kong to reconfigure licencing regime for crypto assets

Source: Hong Kong Securities and Futures Commission

On Day 2 of Hong Kong Fintech Week 2020, the Securities and Futures Commission of HKSAR Government announced that it is going to propose a new regime on licensing for virtual assets this year.

The new licensing approach requires all platforms that trade any types of crypto assets, including both operating in Hong Kong and targeting Hong Kong investors, to apply an SFC license.

SFC can then ensure compliance, monitor operations, investigate irregularity and enforce rules. The consultation paper will be published later today.

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