Support for Crypto Trading Platforms
The new guidelines will assist crypto trading platforms in offering services to retail investors starting June 1. The consultation process on the licensing regime attracted over 150 responses from interested parties, according to Bloomberg.
Key Regulatory Considerations: AML and KYC
Anti-Money Laundering (AML) and Know Your Client (KYC) regulations were among the primary concerns addressed in the February 20 report that Leung referred to. While many prospective Virtual Asset Service Provider (VASP) licensees are still awaiting confirmation, some platforms have already started offering crypto-related services under the SFC’s supervision.
Early Adopters: OSL and Hashkey Group
OSL and Hashkey Group are among the few trading platforms that have already obtained licenses from the SFC, as reported by Reuters.
Bitget to Cease Hong Kong Operations
Despite Hong Kong’s aspirations to become a major crypto hub, not all trading platforms are planning to stay. Bitget, a crypto exchange with $1.4 trillion in assets, announced on April 24 that it would stop providing services to its Hong Kong customers once the VASP regime takes effect on June 1.
