THELOGICALINDIAN - The Securities and Futures Commission SFC of Hong Kong appears set to accept a new access to acclimation the bounded cryptocurrency trading bazaar This advertisement comes afterwards the FSC administrator Carlson Tong Kashing said that Hong Kong bare a added able-bodied authoritative framework for cryptocurrency trading
Expanded Regulatory Oversight
In a press release issued by the FSC on Thursday (November 1, 2018), the banking authoritative babysitter declared its ambition to actualize an broadcast authoritative framework for cryptocurrency barter platforms.
According to the statement, the FSC wishes to action added able-bodied broker protection.
Commenting on the new approach, SFC Chief Executive, Ashley Alder, said:
Licenses for Cryptocurrency Funds and Exchange Platforms
As allotment of the new authoritative archetype advised by the FSC, there are affairs to affair licenses to cryptocurrency funds. Presently, the SFC’s authorization alone covers assets that authorize as futures affairs or securities. However, the SFC affairs to authorization all such funds, whether the basic bill portfolios actuality managed are securities/futures affairs or not.
Apart from basic bill funds, the SFC is additionally attractive at barter platforms. The account says the regulators ambition to appraise whether exchanges should abatement beneath the SFC’s mandate. To this end, the Commission affairs to see how able-bodied such platforms acknowledge to its authoritative provisions.
The abutting footfall for the SFC depends absolutely on the aftereffect of the assay process. On the one hand, the Commission can authorize licensing requirements and achieve abutting administration of cryptocurrency exchanges. On the added hand, the SFC may adjudge that there isn’t any adapted framework with which to authorization basic bill exchanges.
Thursday’s columnist absolution is in befitting with the contempo sentiments consort by the Commission apropos the adjustment of cryptocurrency trading. Earlier in the month, the FSC Chairman declared that a absolute ban on basic bill trading in Hong Kong wouldn’t be practical. Meanwhile in the prohibition adjoin cryptocurrency trading and ICOs in acreage China continues.
Will the proposed amplification of the SFC blank on barter platforms advance to bigger cryptocurrency trading altitude in Hong Kong? Let us apperceive your thoughts in the animadversion area below.
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