Hong Kong Focuses New Laws on Regulating Crypto-Exchanges
The Securities and Futures Commission in Hong Kong have proclaimed that virtual-asset trading platforms also known as virtual, crypto or e-exchanges, are to be placed under necessary regulation, covering:
- The safe custody of assets.
- Client due-diligence.
- Market manipulation.
- Accounting and audit risks.
- Risk management.
- Conflicts of interest management.
Going forward, Hong Kong Operators can solely be allowed to supply services to skilled investors WHO have expertise of investment in virtual assets, though solely virtual assets classified as securities or futures contracts are in scope: consequently excluding Bitcoin.