Hong Kong’s Securities Regulator Hires Additional Employees To Oversee Crypto Sector

Key Points: Hong Kong regulators are more vigilant in keeping an eye on the operations and transactions of the cryptocurrency sector.
Previously, trading platforms regulated by Hong Kong were only allowed for professional investors and retail investors who had a portfolio of at least $1,000,000 (HK $8 million).
To encourage widespread adoption in the region’s market, this strategy included a $500 million investment fund.
According to a report by the Securities and Futures Commission submitted on February 6, it plans to hire four additional employees to “better monitor” the operations and operations of regional virtual asset providers. The commission wrote:
“This is due to the increasing interest of operators in VA activities such trading platforms and management of VA funds.
This occurs while a new licensing system is being implemented to enable larger retail cryptocurrency investing.Previously, according to regulations, only professional investors or retail investors with portfolios worth at least $1 million (HK $8 million) were allowed to use trading platforms regulated in Hong Kong.The new license system was adopted as a change to the Anti-Money Laundering and Counter-Terrorist Financing Bill in December 2022. It doesn’t enter into effect until June 2023, which gives local firms and government agencies enough time to prepare for a new round of industry engagement. However, the Hong Kong Monetary Authority stated in a statement that it plans to create a robust regulatory framework for stablecoins. The agency did, however, state that it plans to create a robust regulatory framework for stablecoins.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.Join us to keep track of news: coincu.comAnnieCoincu NewsTags: Crypto Sectorhong kongHong Kong’s Securities Regulator