As per the media reports stated that “the lead Securities and Futures Commission (SFC) in Hong Kong has already specified and is in pursuit of regulation of all the Cryptocurrency trading platforms currently operational within the territory. The SFC has launched a specific regulatory framework for the Cryptocurrency trading platforms the previous year.
These current developments have arisen at a time frame when the global regulators are still under the assessment of whether for regulating the cryptocurrencies or not, as well as in order for securing the investors as well as in prevention of fraudulent financial tasks.
The Chief Executive of the SFC Ashley Alder stated the media that “this is significantly the restraint environment prevailing wherein under the prevalent legislative framework, if a particular platform operator is hugely determined for completely operating off the regulatory radar that it can do so with ease by ensuring that its traded crypto assets are not within any legal or restrained security owned definition.”
There is a dozen of Cryptocurrencies trading platforms that are already operating within Hong Kong; however, they are not restricted for applying the licence within the contemporary administration.
Earlier within this year, as well the Hong Kong has also approved the launch up of its initial Crypto Exchange. The SFC (Securities and Future Commission) have provided their approval regard OSL Digital Securities for beginning to offer the cryptocurrency services within the territory.
Alder additionally elaborated that Hong Kong is in pursuit of an assignment of incorporation of core changes in its modern licensing rule below its anti-money laundering legislation. This in turn refers that all cryptocurrency trading platforms that are functional within the financial hubs will require a modern-day license.
According to the previous reports, OSL, that is assisted by means of US-based investment major Fidelity, has applied for a licence the previous year when Hong Kong amended its rules or decree in accordance with permitting the crypto exchanges for commencing the operations within the nation.
In a statement, released by OSL it mentioned that they have witnessed this movement to ought to recommend OSL ending up as the only publicly listed, licensed, insured as well as Big-4 audited digital commodity platform globally.