The Hong Kong Securities Regulatory Commission (SFC) launched consultation on the proposal to regulate the virtual asset trading platform

It is reported that the Hong Kong Securities Regulatory Commission has launched a consultation on the proposal to regulate the virtual asset trading platform, and plans to allow retail investors to trade large cryptocurrencies. The press release pointed out that the Hong Kong Securities and Futures Commission (SFC) today launched a consultation on the proposed provisions applicable to the operators of the virtual asset trading platform. According to the new licensing system that will take effect on June 1, 2023, all central virtual asset trading platforms operating in Hong Kong or actively promoting to Hong Kong investors will need to be licensed by the CSRC. The Hong Kong Securities Regulatory Commission plans to publish several lists on its website to list the regulatory status of various virtual asset trading platforms to the public, and will continue to cooperate with the investors and financial education committee to strengthen the investor education for the public in Hong Kong.

Interpretation of this information:

The Hong Kong Securities Regulatory Commission has released a statement announcing that it is launching a consultation for regulating virtual asset trading platforms. The proposal aims to allow retail investors to trade large cryptocurrencies. The consultation consists of proposed provisions applicable to virtual asset trading platform operators. The new licensing system will commence on June 1, 2023, requiring all central virtual asset trading platforms to be licensed by the CSRC or actively promoting to Hong Kong investors, as well as to be included in regulatory status lists that will be available on the Commission’s website. The Commission plans to work with the investor and financial education committee to enhance public education on investment and finances.