Hong Kong’s Securities and Futures Commission (SFC) has surprised the crypto community by finding a creative way to regulate the wild west of cryptocurrencies in Hong Kong.
Here are the Key Takeaways from SFC’s “Statement on the regulatory framework for virtual asset portfolios managers, fund distributors and trading platform operators.”
These announcements are welcome as they provide much-needed legitimacy to the investment activity around cryptocurrencies. Regulation and professionalisation of the industry will foster the growth of crypto assets as an asset class. It will also enable existing licenced intermediaries to offer virtual assets as an investment option to their clients.
Full text of the circular can be found here
https://www.sfc.hk/edistributionWeb/gateway/EN/circular/openAppendix?refNo=18EC78&appendix=0
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