Hong Kong’s financial regulatory agency known as, the Securities and Futures Commission (SFC), will announce a new set of rules and regulations for Bitcoin (BTC) and crypto-currency exchanges that is currently taking place.
Crypto-currency Exchanges in Hong Kong And the SFC
The new needs and requirements will define how foreign exchanges, its new methods, and compliance policies such as: Know Your Customer and Anti-Money Laundering regulations, among other matters.
“The framework will enable virtual asset trading platforms to be regulated by the SFC, a major development which builds on a way forward I outlined at the same time last year,” said Ashley Alder, the Chief Executive Officer of the Securities and Futures Commission (SFC).
News reports that the SFC first announced its outline and guidelines for crypto-currency financial resources and exchanges in November 2018. Now, a year later, in 2019, the financial supervising body is taking the time to move forward on the new work, Alder told the conference on Wednesday.
Huobi: The Crypto-Currency Exchange Company
Huobi could develop into the first qualified and certified crypto-currency exchange in Hong Kong. The next move of the SFC has caused a huge deal in the entire crypto-currency industry, especially for private investors and crypto-currency companies. The SFC states that Huobi, to be specific, is on its way to turning into the first licensed and qualified crypto-currency exchange in Hong Kong.
Earlier in March in 2019, the SFC also announced the regulatory guidelines for Security Token Offerings. The regulatory agency sketched out that security tokens are “likely to be ‘securities’” under Hong Kong’s Securities and Futures Ordinance, and thus go under the umbrella in existing securities regulations and rule of law.
Huobi is a crypto-currency exchange company located in Hong Kong, which allows companies to secure their shares and holdings over crypto-currency, including BitCoin. With all the changes that are currently taking place, the Hong Kong based company has the ability to become the first licensed and qualified crypto-currency exchange company.
For the traders and the client base that are more interested in investing in Bitcoin and other crypto-currencies, this change would benefit them greatly. Since crypto-currency is an up and coming industry, and it is considered to be relatively new, many traders are still unaware of the changes that occur in the industry.
We await the news and the press releases that occur with the Securities and Futures Commission, on what will occur with the crypto-currency industry.