Hong Kong Officials Announce Major Development for the Cryptocurrency Market to be Announced by the End of the Year

Hong Kong’s Securities and Futures Fee (SFC) will announce the licensing framework for cryptocurrency buying and selling platforms earlier than the tip of the yr, in response to CEO Leung Fung-yee.

In his speech on November 29, Leung highlighted the approaching rules as a part of Hong Kong’s broader efforts to extend transparency and oversight within the fast-growing digital asset house.

Leung additionally mentioned developments within the environmental, social and governance (ESG) sector. He introduced that 5 suppliers of ESG scores and information merchandise have expressed their intention to implement a newly launched voluntary code. The foundations, launched final month, deal with 4 key areas: governance, techniques and controls, battle of curiosity administration and transparency.

Hong Kong is positioning itself as a hub for crypto and blockchain innovation, and the upcoming licensing framework is predicted to set clear requirements for market members. Moreover, since cryptocurrency buying and selling is banned in China, Hong Kong’s place on this difficulty is necessary as it’s a Chinese language territory.

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