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Hong Kong’s securities watchdog to regulate all crypto exchanges
International Investment | Pedro Gonçalves | Nov 4, 2020
Hong Kong will regulate all cryptocurrency trading platforms operating in the financial hub, the city's markets watchdog said, changing its previous "opt in" approach.
Ashley Alder, chief executive officer of the Securities and Futures Commission (SFC), said during the 2020 Hong Kong FinTech Week that the requirement will apply to all platforms even if they do not trade security tokens, according to Reuters.
See: Eight virtual banks transforming Hong Kong’s fintech sector
Consequently, the Hong Kong government will propose a new licensing regime today under its anti-money laundering legislation, requiring all cryptocurrency trading platforms that operate there, or target investors in the city, to apply for an SFC licence, Alder added.
"Simply speaking, we will require all virtual asset trading platforms to be operating transparently, like working under the sunlight," saidChristopher Hui Ching-yu, Hong Kong's secretary for financial services and the treasury, in a statement.
As a FATF member, Hong Kong is "under an obligation" to align with the AML standards for virtual asset service providers, she added.
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