Hong Kong expands regulations with crypt to involve commitment for licensed platforms and ETFS in the middle of growing competition

Hong Kong and Futures Securities Commission (SFC) announced New regulatory manual Permission to licensed platforms for virtual funds (VAPS) and exchanges (ETFS) to offer putting into services. This initiative is part of the wider road Hong Kong to establish as a significant player in the crypto sector.

SFC emphasized the growing demand of investors for putting services, which can improve the security of Blokschain networks. However, VAPS must provide a previously written approval of SFC before starting permanent services. Similarly, the CRIPTO ETFS is also needed to obtain a regulatory consent to be involved in putting on activity.

Guidelines Mandate that companies are implementing protective measures to prevent errors in relation to the procedure for putting, ensuring the protection of client funds and transparent detection of any associated risk.

This regulatory development aligns with the February announcement of the Government of the Comprehensive Plan to strengthen the Krupt’s Framework of the region. The roadmap includes 12 key initiatives, such as new ads tokens, trade margins, borrowing and lending.

The proactive attitude of Hong Kong comes into a beings of the newly established licensing regime for Watps, which began in June 2023. years, enabling licensed exchange to provide retail trade services.

The Chief Executive Director of SFC, Julia Leung, said the expansion of the range of regulated products and services are essential for sustainable growth of the ecosystems of the Virtual Feature Hong Kong’s ecosystem.

As the competition reinforces globally, especially with recent pro-krupto’s movements in the United States, Hong Kong aims to speed up their crypto initiatives. SFC emphasizes the importance of maintaining the regulatory framework that priority of the security of the client’s property while encouraging innovations in the virtual asset market.