Regardless of mainland China’s strict rules, Hong Kong has maintained a relatively open stance towards cryptocurrencies. The SFC’s latest rules on the issuance of Bitcoin ETFs mirror the town’s recognition of the demand for such digital belongings.
The FSTB’s proposed rules intention to handle dangers by growing transparency and defending customers throughout the OTC cryptocurrency market. Anticipated regulatory measures probably embrace:
Client Safety: Imposing KYC procedures to persistently confirm buyer identities and stop unlawful actions.
Market Integrity: Establishing a regulated OTC market to take care of market integrity, entice institutional funding, and guarantee transparency and equity.
Worldwide Requirements Alignment: Harmonizing Hong Kong’s crypto regulatory framework with worldwide monetary facilities to bolster its status as a safe and reliable monetary hub.
Fraud Prevention: Implementing rules to stop fraudulent actions and safeguard buyers from being channeled into unlicensed buying and selling platforms.
Readability and Confidence: Offering authorized certainty and clear tips for OTC shops and their prospects, fostering long-term trade development and shopper belief.
