Tag Archives: sfc

Hong Kong will open crypto trading activities to retail investors starting June 1, 2023. Hong Kong’s Securities and Futures Commission (SFC) has released the results of its consultation paper on regulating crypto assets in the country. In an announcement on May 23, 2023, the financial watchdog said it received 152 submissions from key players in the industry, professional associations, and consultancy firms, greenlighting its proposal to allow licensed crypto exchanges to serve retail...

The special administrative unit in Hong Kong is also contemplating a way to introduce a compulsory licensing regime for stablecoin issuers as early as this year.  Kaiko, a French crypto market data provider, will shift its headquarters from Singapore to Hong Kong for greener pastures in the upcoming center for Web3 companies. In an interview with Kaiko’s Chief Executive Officer Ambre Soubiran, it was disclosed that the company will be moving forward with the decision amid the city’s...

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Besides its political differences and leanings from China, Hong Kong is also seeking to create a different path for itself when it comes to its administration and regulation of digital currencies and the emerging Web3 world.Hong Kong, the special administrative city of China is pushing for new reforms that will position it as one of the most forward-thinking crypto-positive regions in the world. In one of its latest moves as affirmed by Elizabeth Wong, head of the fintech unit at the...

Hong Kong says that it is looking to regulate all crypto activity from here on out. This is a massive distancing of itself when compared with the activity occurring in mainland China, which has largely sought to ban crypto activity outright.Hong Kong Is Changing Its Attitude Towards CryptoHowever, Hong Kong is looking to be a separate entity given the amount of protests regarding Chinese government interference that has taken place over the last two years. Thus, it makes sense that whatever...

It’s a big win for Chinese tech giant Tencent as Hong Kong’s top-most regulator – Securities and Futures Commission (SFC) – has recently granted them a new license to open a virtual bank.On Friday, November 8, speaking at the World Blockchain Summit in Wuzhen, China, Tencent’s chief of blockchain division – Yige Cai – said that his company has received a go-ahead from the SFC to open blockchain-based virtual banking system in the country.Although not many details of the bank’s launch are...