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Hong Kong outlines upcoming crypto licensing regime
The Securities and Futures Commission (SFC) of Hong Kong is seeking public input on its recently proposed licensing system for cryptocurrency exchanges, which is slated to go into effect in June 2023.
Whether to permit regulated exchanges to service retail investors in the nation and what steps should be taken to provide a variety of "strong investor protection measures" are two important issues that need to be addressed during the public consultation session.
Reviewing and updating current systems and controls to conform to the standards of the forthcoming regime is suggested for businesses that plan to continue operating and submitting licensing applications. Exchanges and service providers will need to get ready to shut down their operations in Hong Kong if they do not intend to seek for a license.
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