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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.

Sep 7, 2021 at 10:43 a.m. UTC
Updated Sep 7, 2021 at 3:38 p.m. UTC

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.

DISCLOSURE

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.

Eliza Gkritsi is a CoinDesk news reporter based in Asia.

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