Hong Kong’s (SFC) is anxious to implement formal cryptocurrency regulations, the outgoing chairman Carlson Tong Ka-shing told the South China Morning Post (SCMP), a Hong Kong English-language newspaper, in an interview on Monday.
Tong, who will , said the regulator is currently exploring ways to regulate the number of cryptocurrency trading platforms already operating in the city.
Source: SFC
In the interview, the chairman did highlight that the SFC is limited in its powers, as the regulator is technically restricted to only regulate securities and that digital assets “may not qualify as securities”, adding that therefore, the regulator needed to be careful in its approach.
Cryptocurrency exchanges embrace the news from the SFC
According to the report, cryptocurrency exchanges operating in Hong Kong have embraced the news from the SFC. Angelina Kwan, the Chief Operating Officer of (BitMEX) told the SCMP that she would work closely with the SFC on the proposed regulations.
Source: South China Morning Post
“We hope that sharing information about cryptocurrency markets and market developments in this space will help international regulators better understand cryptocurrency as an asset class.”
Source: LinkedIn
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