- The head of the Hong Kong Monetary Authority
- He urged service providers “not to count on” the lack of oversight
- The SFC will also soon publish a consultation document
- The licensing regime for exchanges here will take effect from June 1
- Hong Kong’s popularity among counterparties has increased significantly
The licensing regime for cryptocurrency exchanges will take effect from June 1 in Hong Kong. Many service providers, such as Bybit and OKX, are seeking to come here.
But it looks like the regulation will be pretty tough.
The head of the Hong Kong Monetary Authority, Eddie Yue, said this today, May 9:
“Supervision will be tough.. Yes, we will allow a new ecosystem here, but that does not mean no control.”
Remind that in May, the Hong Kong Securities and Futures Commission (SFC) is expected to publish a new document on the upcoming regulatory regime.
It should clarify the requirements for service providers who want to be licensed. Yue’s announcement could be compared to a “slap on the wrist” for the entire industry.
The fact that the regulator immediately outlined its desire to take control of the sector does not speak at all in favor of Hong Kong as a potentially open market.
The regulator is now developing a set of rules for those banks that want to work with the cryptocurrency sector, Yue said.
He also noted that the SFC will publish a consultation paper “in the near future.”