Hong Kong has new regulations for Crypto Exchanges
Hong Kong has recently implementing a clear and comprehensive regulatory framework for crypto exchanges, this allows them to offer products to retail investors. this has indeed caught the attention of market watchers given the size of the financial market in Hong Kong. With the entry into force of the new regulations on June 1 Hong Kong has been incredibly quick to build a structured environment for crypto exchanges, taking just eight months after announcing the proposed changes in October 2022. Hong Kong's New Regulatory The new regulatory regime introduces a licensing system for Virtual Asset Trading Platforms (VATPs), which will be regulated by the Hong Kong Securities and Futures Commission (SFC). To ensure investor protection platforms must assess an investor's risk tolerance during the onboarding process and provide comprehensive information about listed virtual assets. Additionally, platforms are required to have custodian insurance in place to cover the risks associa...