Hong Kong SFC Should Regulate Crypto, Says Official: Report

The city’s government is expected to propose a bill that would require virtual asset services providers to apply for licenses.

By Eliza Gkritsi

Sep 7, 2021 at 10:43 a.m. UTC

Updated Sep 7, 2021 at 3:38 p.m. UTC

Eliza Gkritsi

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Follow @egreechee on Twitter

Hong Kong’s Securities and Futures Commission should expand its jurisdiction to virtual assets or issue licenses, said SFC Deputy Chief Executive Julia Leung, according to local media reports.

In light of huge investor losses, Hong Kong should crack down on unlicensed crypto trading and improve investor education while continuing to develop the digital asset industry, Leung said according to local site 881903.
Back in May, the city’s government said it would propose a bill that would establish a crypto licensing plan and give SFC powers over virtual asset services providers. The law will be proposed in the 2021-2022 legislative session.

Read more about

Hong Kong Policy China Regulation

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.