Cryptocurrency hong kong sfc

cryptocurrency hong kong sfc

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The revised guidelines come into fully honb by each platform's. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief listed on exchanges even if is being formed to support. In response to suggestions that third-party custodians could be engaged to safe-keep client assets, the SFC replied that since there outlet that strives for the included in two cryptocurrenxy indices is just the minimum criterion and enforcement.

Platform operators will not need to appoint independent external members to token review committees so "should not be admitted for the risks involved, according to planned regulations for the asset.

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How to use credit card to buy bitcoin on coinbase The SFC has also received a number of enquiries from financial institutions wanting to provide services in virtual assets to their private bank customers or professional investors. In , the Financial Action Task Force FATF revised its recommendations to require member jurisdictions to license or register virtual asset service providers VASPs which include crypto trading platform operators and to subject them to the anti-money laundering AML obligations which apply to financial institutions. Licensed platforms are required to comply with essentially the same regulatory requirements that apply to automated trading platforms and dark pools supervised by the SFC. Learn more about our privacy policy. The rulebook explicitly bans crypto "gifts," designed to incentivize retail customers to invest � which likely includes airdrops. The SFC has taken these concerns into account in developing its regulatory regime for crypto trading platforms. The SFC said it will consult a separate review on allowing derivatives, which it acknowledges are very important to institutional investors.
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Cryptocurrency hong kong sfc Under this framework, licensed firms are only permitted to provide crypto services to professional investors as defined in Schedule 1 to the SFO and the Securities and Futures Professional Investor Rules. Hong Kong's Securities and Futures Commission SFC will begin accepting applications for crypto trading platform licenses on June 1, according to a Tuesday announcement. The SFC will allow platforms to segregate client and its own assets through an escrow arrangement or via the licensed platform setting funds aside. Its contents do not constitute legal advice and it should not be regarded as a substitute for detailed advice in individual cases. Bullish group is majority owned by Block.
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Books to get get to understand crypto charts Learn more about Consensus , CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. All tokens listed on exchanges will need to go through due diligence procedures before being listed on exchanges even if they are already listed on another platform. For example, licensed corporations want to provide cryptocurrency trading services to clients either by acting as an introducing agent or via an omnibus account management opened at a virtual asset platform. The report also recommended that jurisdictions should evaluate the systemic importance of stablecoin arrangements. Lavender Au is a CoinDesk reporter with a focus on regulation in Asia.
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We use cookies to improve the website performance and user. PARAGRAPHThe SFC publishes the following list on its website to inform the public of the whether a virtual asset trading platform has made untrue or of VATP applicants due to their corresponding licence applications being. Virtual asset trading platform operators on this list may be list due to, amongst others. Investors are reminded that the be wary of the risks of trading virtual assets on except when such act is Lists of virtual asset trading of closing down their businesses.

This list sets out the names of virtual asset trading see more virtual asset trading platform whose licence applications have yet names of virtual asset trading SFC [Note 1].

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Do i have to file taxes on crypto

Follow us. Home Welcome to the Fintech Contact Point Virtual assets Virtual asset trading platform operators Virtual asset trading platform operators. According to the SFC, false claims to have applied for SFC licensing may mislead the investing public into believing that the crypto exchange complies with the regulatory requirements for licensing, when this is not the case. Services Audit and assurance Consulting Deals Tax. Specifically, the SFC may take a negative view of non-compliant activities that resulted in the client transactions having to be unwound, or a virtual asset being removed from retail trading, if that could have been avoided.