Hong Kong to Release Guidance on Crypto Exchange Licensing Regulations in May
Hong Kong's Securities and Futures Commission (SFC) is set to release guidance on the regulatory framework for cryptocurrency exchanges in May. The ongoing consultation process has already received over 150 responses, and the new regulatory framework will be effective from June 1, mandating crypto platforms to register with the authorities of the city. With the licensing regulations in place, licensed exchanges can offer cryptocurrency trading of major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) to retail traders. This move is part of Hong Kong's efforts to establish itself as a financial hub for cryptocurrency in Asia, and more exchanges may follow suit, especially since the city's banking sector also supports crypto firms.