- SFC announced preparations at the beginning of the year
- This decision precedes the introduction of a licensing regime for exchanges on June 1
- The conference will begin at 3:15 pm (Kiev time)
The Hong Kong Securities and Futures Commission (SFC) will hold a press conference today, May 23.
According to Bloomberg, the regulator will announce that retail investors in the country can trade cryptocurrency.
Hong Kong announced plans to open the digital asset market to individuals back in February. At the time, the SFC said it was thoroughly “analyzing the issue” and would announce its findings by June 1.
It is expected that Hong Kong’s VASP licensing regime will begin on that date.. Apparently, the regulator will present its findings at this press conference.
Remind that the SFC has focused its efforts on two main areas – investor protection measures and permissible assets.
In particular, the Commission is considering introducing mandatory AML and KYC requirements to comply with international regulations.
It is clear that retail investors will only be able to invest in cryptocurrency through official service providers.
The Hong Kong authorities had earlier announced that the requirements for applicants “will be tough.”
OKX Chief Commercial Officer Lennix Lai said he had a positive attitude toward the upcoming conference.
According to him, the SFC will make an affirmative decision, after which local residents will have access to the “open and promising” market.
The exchange began the process of registration in the country back in March. The conference will begin at 15:15 (Kiev time). Stay tuned for more information.