Regardless of mainland China’s strict rules, Hong Kong has maintained a relatively open stance towards cryptocurrencies. The SFC’s current rules on the issuance of Bitcoin ETFs mirror the town’s recognition of the demand for such digital belongings.
The FSTB’s proposed rules purpose to handle dangers by growing transparency and defending shoppers inside the OTC cryptocurrency market. Anticipated regulatory measures seemingly embrace:
Shopper Safety: Imposing KYC procedures to persistently confirm buyer identities and stop unlawful actions.
Market Integrity: Establishing a regulated OTC market to take care of market integrity, appeal to institutional funding, and guarantee transparency and equity.
Worldwide Requirements Alignment: Harmonizing Hong Kong’s crypto regulatory framework with worldwide monetary facilities to bolster its fame as a safe and reliable monetary hub.
Fraud Prevention: Implementing rules to stop fraudulent actions and safeguard buyers from being channeled into unlicensed buying and selling platforms.
Readability and Confidence: Offering authorized certainty and clear tips for OTC shops and their prospects, fostering long-term business progress and client belief.
