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
- On October 4th, the Hong Kong SFC announced the official rules that cryptocurrency fund managers must follow.