Hong Kong announces plans to allow retail investors access to virtual asset platforms

announced Hong Kong Securities Regulatory Authority (SFC), It will soon allow licensed platforms to offer the service to retail investors.

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Where the authority said in an announcement issued on May 23, that operators of virtual asset trading platforms wishing to comply with the guidelines Hong Kong Securities Regulatory Authority sfc Proposed, they are welcome to apply for a license.

The guidelines for virtual asset trading platforms will include asset custody integrity requirements, cyber security standards, and segregation of client assets, among other details.

For her part, the CEO of Hong Kong Securities Regulatory Authority (SFC)., Julia LeungProviding clear expectations for regulators is key to creating a responsible and innovative development environment, she said:

“The overall regulatory framework for virtual assets in Hong Kong is based on the principle of ‘same business, same risks, same rules’ (this term means that similar businesses are exposed to the same risks, subject to the same rules and regulations.

Thus, it must treat these businesses in the same way in accordance with the applicable rules, and reflects the principle of equal competition, protection of consumers and public interests)”.

Hong Kong announces plans to allow retail investors access to virtual asset platforms

On the other hand, although the guidelines will become effective in June 2023, the Authority has not yet approved any virtual asset trading platform to provide services to retail investors, and according to the announcement issued, the Authority received 152 offers during the consultation period.

In addition, I mentioned Hong Kong Securities Regulatory Authority (SFC).It will implement a number of robust measures to ensure the protection of retail investors, including good governance, appropriateness during the preparation process, due diligence, acceptance and disclosure standards.

In a related context, the aforementioned announcement highlighted that most virtual asset trading platforms, which are accessible to the public at the present time, are not subject to Hong Kong Securities Regulatory Authority (SFC)..

And that those who do not wish to comply with the upcoming guidelines should prepare for what he called an orderly closure of business operations in Hong Kong.

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In turn, the President of the Financial Technology Association of Hong Kong said, Neil TanIn an interview with Cointelegraph in early May, the country’s opening up the financial industry to digital assets is just a natural progression.

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