21 February 2023 Tuesday Hong Kong (Crypto News Hindi)
While some countries are enacting strict laws to control cryptocurrencies in their country, some countries are attracting people to themselves by creating a good environment for cryptocurrencies. Countries that are giving better opportunities to crypto in their country by bringing good rules for crypto, now Hong Kong name has also been added. The Securities Futures Commission (SFC) has issued a consultation document He has published in which the requirements related to the virtual digital asset trading platform are mentioned. A circular has also been issued soliciting the views of interested persons on this consultation document.
Now, if any person or company wants to start a virtual or crypto digital platform in this country and provide their facilities, they need to register with SFC. This rule will be applicable from July 1, 2023. Elaborating on this, SFC CEO Julia Leung said that “The requirements for our digital asset trading platform remain the same from 2018 to date, with strong measures to protect investors, the same laws, risk mitigation and flexible regulations. The recent loss of large crypto projects has forced us to think that all countries should have better regulations on this issue so that investors in digital assets can be protected.
Digital asset platforms already operating in Hong Kong will also need to update their registration and platform in accordance with the new regulations. Platforms that do not want to follow the new rules should start working on the issue of closing their platforms. SFC will update the list of all digital platforms registered under the rules on its website. Along with this, all financial institutions have also been instructed to make digital platforms to prepare investor education in this regard.
Anyone interested in this issue can apply or submit feedback on the changes by visiting the SFC website before March 31.
The SFC has requested to trade and educate investors on two digital assets and these two digital assets are bitcoin and ether. Hong Kong will benefit from the kind of restrictions China placed on cryptocurrencies some time ago and many projects will soon be able to move their offices to Hong Kong. The best thing is that the government here has fully taken care of the safety of the investors and arranged for them to get information about the digital assets for a certain time before investing. Hong Kong is expected to emerge as a major hub for digital asset trading in the near future.
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