Hong Kong SFC To Introduce Crypto Regulation

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The South China Morning Post has reported that Hong Kong’s Securities and Futures Commission (SFC) is looking at ways to introduce regulation for cryptocurrency trading platforms.

Chairman Carlson Tong Ka-shing — who will pass his position in the SFC to Tim Lui Tim-leung on Oct. 19 — said in an interview that the watchdog is not considering a ban on cryptocurrency platforms as the Chinese mainland has done, emphasizing that a total ban is not “necessarily the right approach”.

“It will not work in today’s internet world when trading can cross national boundaries. Even if we were to ban them, transactions can still be easily conducted via platforms in overseas markets,” the chairman explained further.

According to Carlson, SFC would target systems already functioning in the city, providing investors with further protection.

Cryptocurrency trading, Tong stressed, do not fall within the custodian, audit or valuation...

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