Hong Kong is gearing up to usher in a new regime for virtual asset regulation. The Securities and Futures Commission (SFC) published the conclusions from its weeks-long consultation on regulatory guidelines for crypto platforms on May 23.
Hong Kong crypto exchanges will have to seek licenses under the Securities and Futures Ordinance (SFO) and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). The SFC will gazette the forms on May 25 and start accepting applications on June 1, when the guidelines come into force. As of now, Hong Kong does not have any licensed crypto platform for retail investors.
The regulations impose various requirements on crypto platforms. Under the guidelines, crypto platforms need to employ at least two “responsible officers” (RO) for each type of license it holds. So a crypto platform licensed under SFO and AMLO would need to hire four ROs.
Responsible officers are part of the top management and need to be licensed by the SFC and a
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