SFC Launched a Consultation on Licensing

Hong Kong Securities and Futures Commission (SFC) announced a consultation On February 20 to solicit ideas from the market on "whether licensed platform operators should be permitted to provide services to retail investors" and "how to protect investors". Under the new licensing system, which will come into effect on June 1, 2023, all centralized virtual asset trading platforms operating in Hong Kong or marketing to Hong Kong investors will need to be licensed by the SFC. And the consultation will end on March 31. JPEX hopes that the new policy direction will set a new milestone for the cryptocurrency industry.

Jpex Is Fully Prepared to Apply for Hong Kong Crypto Trading License

JPEX is now fully prepared to apply for Hong Kong crypto trading license, after previously giving up several times due to the Hong Kong government's restrictions on the crypto industry.

Previously, the Hong Kong government only allowed users with a portfolio of at least HK$8 million (US$1 million) to trade in cryptocurrency investments. However, since Hong Kong is an international financial center, it should be open and accommodating to emerging financial services, including virtual asset services and new entrants to the global cryptocurrency industry, regardless of their assets. The impact of the previous policy has made it difficult for new users to participate in virtual asset trading.

JPEX said it will review related systems and controls to prepare for the new system, compliance with rules and regulations to ensure the application provides better service to customers.

With SFC finally changing its stance on cryptocurrencies which signifies the SAR government's open and friendly attitude, JPEX will continue to collect information about licensing system. And it will also be holding extensive discussions with personnel in its legal department to advance the licensing process.

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References

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