Hong Kong regulator sets out rules for crypto exchanges to get licenses

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Hong Kong regulator sets out rules for crypto exchanges to get licenses
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Hong Kong's financial regulator published new rules on Wednesday that would...

HONG KONG - Hong Kong’s financial regulator published new rules on Wednesday that would allow cryptocurrency exchanges to receive an operating license, a step intended to improve regulation and standards and help prevent fraud.

Hong Kong hosts dozens of cryptocurrency exchanges, also called virtual asset trading platforms, including some of the world’s largest. Some cryptocurrency exchanges in Hong Kong and elsewhere say they welcome regulation as it would boost standards and allow licensed exchanges to differentiate themselves from unlicensed competitors. Others prefer to operate further under the radar.The new rules, under which exchanges can apply to be regulated from Wednesday, draw on the standards the SFC expects for conventional securities brokers.

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