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Will The SFC’s Proposed New Regime For Cryptocurrencies Be Aaccepted?

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Investing in cryptocurrencies continues to be discussed in many countries, especially after Bitcoin, which is slowly gaining ground. The latest move in this regard came from the Hong Kong Securities and Futures Commission SFC. The SFC proposes to set new standards and create an environment where investors can better deal with some regulations. But what exactly does this proposal entail?

What Kind Of Regulation Does The SFC Want 

On Friday, the Hong Kong Securities and Futures Commission (SFC) proposed regulations for cryptocurrency trading platforms.

According to an official statement, the authority is seeking feedback and plans to introduce a licensing system for crypto service providers. The contentious issue is whether regulated platforms should be allowed to provide services to retail investors, and if so, under what protection those services should be provided to investors. This takes the form of a one-statement, which many investors actually expect in the medium term. 

Will The SFC's Proposed New Regime For Cryptocurrencies Be Aaccepted?

The Status Of The Exchanges Should Be Assessed

“Under the new framework, all crypto trading platforms, including existing platforms that have applied for a license, will need to start reviewing and changing their systems and controls,” the statement reads. In the jurisdiction, service platforms that do not wish to apply for a license should prepare for closure.

Don’t Forget Stablecoins

We know that the SFC has made very serious statements about the existence of stablecoins in the past. Although a decision could not be made due to the lack of sufficient majority within the SFC, it is still certain that this issue will be discussed in the near future. Therefore, Hong Kong is planning to regulate stablecoins from June this year. The SFC members, who will meet again at the end of March, seem to have a real proposal on stablecoins this time. Although no clear statement has been made on this topic yet, we can be sure that tougher proposals will come soon, looking at the members’ profiles.

You may be interested in: What Is A Cryptocurrency Debit Card?

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