Hong Kong’s financial regulators are prepared to adjust their approach to cryptocurrency regulation as the industry develops, according to Finance Secretary Christopher Hui.
Speaking at a parliamentary session, Hui stated that the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) would consider market trends when devising regulations. He said:
The HKMA and the SFC will keep in view market developments, and review the requirements on VA-related activities as appropriate.
Hui’s comments came in response to questions about potentially expediting the crypto licensing process and easing rules for intermediaries distributing crypto assets. He clarified that licensed corporations and registered institutions can distribute crypto-related products after notifying regulators, without needing to modify their licensing conditions.
This discussion follows the withdrawal of license applications by…
