Hong Kong Will Let Crypto Exchanges Apply For Licenses

Law360 (November 6, 2019, 6:25 PM EST) -- The Hong Kong Securities and Futures Commission on Wednesday published rules explaining how it will grant licenses to cryptocurrency exchanges that trade security-based tokens, moving forward on a plan that could encourage wider acceptance of digital assets trading.

Hong Kong regulators said its standards are comparable to those that govern licensed security brokers and automated trading venues, but with safeguards to address risks associated with crypto markets, including safe custody of digital assets and anti-money laundering concerns.

The SFC added that it will only grant licenses to platforms that offer their services to professional investors and only service clients who have...

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