Hong Kong introduces the crypto rules for putting, confirms Web3 commitment

The Securities and Futures Commission (SFC) introduced new guidelines for CRIPTO Exchange by offering placing services.

At 7. April announcementSFC has announced new guidelines for CRIPTO exchange that offer serious services and local authorized funds exposed to digital property involved in commitment. Announcement Follows recent remarks to Christine Choi, Executive Director of SFC for investment products, which said During the speech at Hong Kong Festival Web3:

“SFC is dedicated to supporting Web3 travel in Hong Kong.”

In his announcement, the regulator said “recognizes potential benefits of stay in improving the security of Blokschain networks and enabling investors to earn yields.” Consequently, the latest instructions allows the CRIPTO exchange to provide services to put on services.

Related: Company shares in Hong Kong Investment companies rose 93% after purchase only 1 bitcoin

New rules for putting services

The new rules communicated the regulator in the most recent circle send to a cripto exchange under her jurisdiction. SFC requires a CRIPTO exchange to obtain written approval before attracting a delay, retain control over constant virtual means and not delegating detention to third parties.

The exchange of cryptocurencies engaged in voting must reveal all relevant risks and details on fees, minimum periods of locking, disappearing processes, passage passages and detention arrangements. And finally, providers must report their SFC items.

A similar circular circle send To the CRIPTO SFC Fund Operator, and the new rules are relevant to more than 10% of their net assets value invested directly or indirectly in digital property. Means can only be acquired by virtual assets that are also directly accessible to the local public and rely on the platforms of authorized SFC. Exposure to use is prohibited.

Funds can be dealt with color if it is in line with the goals of the Fund, while providing clear disclosure and solid control. The notification of investors and possibly approval of shareholders may be sought if implementation is provided to a material strategy or change in risk profile.

Hong Kong Bet on Web3

During his recent speech, SFC Choy recognized that the Web3 space continues to develop and that “his full benefits would take place on time, probably with bandages and turns.” Cited the speculative industry of non-fungal tokens (NFTS) as a cautious story that justifies caution in the current regulatory approach:

“Therefore, instead of chasing each new spark, we believe in pragmatic approach – strengthening the basics and encouraging the ecosystem support in which the Web3 can progress in a sustainable way.”

Related: Hong Kong remains a “open and vivid market” for cripto, says the financial secretary

Official comments monitor recent reports that criptocurrenci is exchange Bitibt announced excluding her NTF Market How the market is running out of money. The decision follows a Similar decision of the main NFT market in the X2I2 announced at the end of March.

A non-fungal token token market sees a significant decline. Daily trading volume was 364 days ago 364 days ago before the announcement from Baraghas and stood at 5.34 million when the decision to exclude the platform was published – 70% fall.

When quarreling why the companies would choose Hong Kong as their seat, Choi pointed out that Hong Kong rank Third in the index of global financial centers. In addition, local regulators have set clear guidelines for the crypto industry firms, and Hong Kong provides easy access to Asian markets.

In its final statements, Choi said, “Today we stand at the crossroads in which traditional finance and the digital economy are pretending to initiate promising outcomes for our financial markets.” She added:

“It is a breakthrough of zero to one, and its future success would very depend on how we nurture this convergence, that is, how we go from one to 100.”

Her statements to Echo Hong Kong’s financial technology sector, which saw 250% growth of 2022 years. SFC recently introduced a new mother time that has set the city as a global cryptocurrency hub.

Roadmap “Aspire” hopes in the future of proving a local virtual asset ecosystem. This includes 12 initiatives that are extended in five wide categories, which include providing access to the market, optimizing compliance and framework and improve blockage efficiency.

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