Hong Kong to Tighten Cryptocurrency Rules and to Regulate Exchanges

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The Hong Kong Securities and Exchanges Commission (SFC) is looking to tighten the current cryptocurrency laws as concerns over crypto-crime and money laundering heighten across Southeast Asia.

The SFC plans to put exchanges, traders and other related companies under the oversight of the Securities and Futures Commission.

According to the SFC's guidelines, investment funds will be required to obtain a license if more than 10% of the assets they manage are made up of bitcoin or other cryptocurrencies, and will be allowed to sell related products only to professional investors.

The SFC also want to set up a voluntary scheme where exchanges will be able to test their digital...

Read More: https://bitzamp.com/hong-kong-to-tighten-cryptocurrency-rules-and-to-regulate-exchanges/