Search Results for: Julia Leung Fung-yee

Hong Kong’s Securities and Futures Commission (SFC) plans to publish a list of cryptocurrency trading companies that have applied for operational licenses, bringing transparency to the industry. Nevertheless, this doesn’t guarantee rule conformity. This follows a major financial scam involving unlicensed cryptocurrency exchange JPEX which reportedly caused significant losses for investors. The SFC emphasizes strict governance measures including asset safety and market manipulation prevention to ensure investor protection.

HKVAX, a Hong Kong-based Virtual Asset Exchange, has received ‘approval in principle’ from the Hong Kong Securities and Futures Commission to operate their asset trading platform under local securities laws. This includes providing a digital asset trading platform dealing with securities and delivering automated trading services to both institute investors and retail users. This approval comes as regulators form a new licensing system for virtual asset service providers to protect investors.

Hong Kong embraces Web3 regulation by incorporating virtual asset providers into the regulatory system, fostering innovation and strengthening market trust. New rules enforce Anti-Money Laundering guidelines and investor protection laws while permitting retail investors to trade virtual assets.