The Hong Kong security regulator will announce crypto license rules in May.
Julia Leung, the chief executive of Hong Kong’s Securities Futures Commission, is said to have released the crypto business guidelines.
According to reports, the Hong Kong Securities Futures Commission (SFC) will issue cryptocurrency exchange licensing guidelines next month.
Bloomberg first reported the plans on April 27, citing statements made by SFC CEO Julia Leung on Thursday.
The new regulations will help crypto trading platforms that will be permitted to offer trading services to regular clients from June 1.
According to Bloomberg, Leung stated that the licencing regime consultation process garnered over 150 answers from interested parties.
Some of the important concerns made in the Feb. 20 report that Leung was apparently referring to were anti-money laundering (AML) and Know Your Client (KYC) regulatory requirements.
While most prospective Virtual Asset Service Provider (VASP) licensees await confirmation, several trading platforms have already begun delivering crypto-related services to investors under SFC oversight.
According to Reuters, OSL and Hashkey Group are among the few trading platforms that have already secured SFC licences.
Despite Hong Kong’s goal to become the next crypto metropolis, not every trading platform has chosen to stay for the long term.
Bitget, a crypto exchange with $1.4 trillion in reserves, said on April 24 that it will stop providing services to Hong Kong consumers when the Hong Kong VASP system goes into force on June 1.