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07/10/19 08:50 UTC-4

Hong Kong SFC issued rules for crypto fund managers

Fiat money, fundsHong Kong regulator SFC issued new rules for crypto funds
Hong Kong regulator SFC issued new rules for crypto funds

The Securities and Futures Commission (SFC), the Hong Kong securities regulator, has recently published official rules that crypto fund executives must follow.

New rules for crypto funds

The new rules, called “Proforma Terms and Conditions for Licensed Corporations, which Manage Portfolios that Invest in Virtual Assets,” state:

“Corporations interested in investing in digital currencies should maintain a minimum liquid capital of HK$3 million (US$383,000).”

It is stated that executives must ensure that they have sufficient technical resources and capital to perform their duties properly.

It is also expected that companies will have to pay particular attention to adhering to and adopting adequate risk management procedures. They also must comply with laws concerning money laundering and terrorism financing.

Interesting in the section: The Coinbase Legal Counsel defends the Cryptocurrency Rating Council

See also: "The Central Bank of the Netherlands decided to "take over" the crypto industry due to new AML rules"

#SFC #HongKong #rules #cryptocurrency #funds

Editor: Yuliya Soroka
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