06/11/19 08:00 UTC-5

Hong Kong SFC has issued cryptocurrency exchange licensing rules

ExchangesHong Kong SFC has published rules for cryptocurrency exchanges
Hong Kong SFC has published rules for cryptocurrency exchanges

The Hong Kong Securities and Futures Commission (SFC), which controls the country's securities, has issued licensing rules for cryptocurrency exchanges.  


Rules for cryptocurrency exchange

Ashley Alder, head of the SFC, announced this at a forum on Wednesday. Alder said the rules “will allow the SFC to regulate platforms for tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
virtual assets, which is a major event.”

A legal framework of 61 pages covers security aspects, “know your customer” requirements, anti-money laundering and market manipulation rules, and other issues specific to the cryptocurrency industry.

As practice and the latest cryptocurrency news shows, for safe development and use, a digital currency needs regulation and rules.

“Our new regulatory framework covers all key issues for investor protection. We will also set criteria for platforms to decide on the inclusion of a new virtual asset for trading.”– Alder

Interesting in the section: In Hong Kong, Bitcoin costs $300 more than worldwide

See also: "Bitfinex exchange canceled K.im token sale"

#SFC #HongKong #regulations #exchange #cryptocurrencies

Editor: Yuliya Soroka