Hong Kong regulators are set to release new licensing guidelines for cryptocurrency exchanges in the city next month. These guidelines have been developed with input from over 150 businesses and aim to create a transparent regulatory framework for the growing sector.
Julia Leung, CEO of the Securities and Futures Commission (SFC), announced the upcoming release of these guidelines. Leung emphasized the collaborative effort behind developing the right policies for Hong Kong-based crypto exchanges, highlighting the importance of consulting with various organizations to create a successful framework.
This proactive approach by Hong Kong regulators is expected to strengthen the city’s position as a center for crypto adoption and attract businesses and investors. The guidelines will permit the trading of Bitcoin and Ethereum for individuals from June onwards. This move demonstrates Hong Kong's ambition to become a global leader in the crypto industry by embracing cryptocurrencies and creating a more liberal regulatory environment.
Hong Kong has already attracted investors in cryptocurrencies from many countries, including banks in countries with strict crypto bans like China. With these guidelines, the future of crypto exchanges in Hong Kong looks promising, and the city takes another step towards becoming a powerful player in the world of crypto.
