{"id":78481,"date":"2023-05-09T12:38:15","date_gmt":"2023-05-09T09:38:15","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=78481"},"modified":"2025-09-11T05:17:01","modified_gmt":"2025-09-11T02:17:01","slug":"hong-kong-signals-a-tough-approach-to-regulating-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/hong-kong-signals-a-tough-approach-to-regulating-cryptocurrencies\/","title":{"rendered":"Hong Kong signals a tough approach to regulating cryptocurrencies"},"content":{"rendered":"

Hong Kong will take a ‘tough’ approach to regulating the digital-asset sector, HKMA chief Eddie Yue said in an interview with Bloomberg<\/a>.<\/p>\n

Under the February-proposed rules<\/a>, as of June 1, 2023, all centralized venues operating in the jurisdiction or dealing with local investors must hold a license from the Securities and Futures Commission (SFC).<\/p>\n

In addition to licences for trading platforms, by 2024 authorities will introduce a mandatory licensing regime for stablecoins<\/a>.<\/p>\n

\n

\u201cWe will allow [companies] to build an ecosystem here, and that is actually quite exciting. But that does not mean light regulation,\u201d Yue explained.<\/p>\n<\/blockquote>\n

He said that guidance for banks on servicing clients of crypto entities is currently being developed, with details to be provided soon by the SFC.<\/p>\n

In recent years, measures to restrict digital assets were stringent, but they will be lowered to a \u201creasonable and sustainable level,\u201d Yue added. However, he noted that authorities will not permit a repetition of the FTX situation<\/a>.<\/p>\n

In April, The Wall Street Journal reported<\/a> that Hong Kong banks, including a unit of the Chinese state Bank of Communications, had begun taking crypto firms as new clients.<\/p>\n

Later, Hong Kong authorities urged<\/a> local banks to service and support licensed crypto firms.<\/p>\n","protected":false},"excerpt":{"rendered":"

Hong Kong will take a tough approach to regulating the digital-asset sector, according to HKMA chief Eddie Yue.<\/p>\n","protected":false},"author":1,"featured_media":78482,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[832,36],"class_list":["post-78481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-hong-kong","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/78481","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=78481"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/78481\/revisions"}],"predecessor-version":[{"id":78483,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/78481\/revisions\/78483"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/78482"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=78481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=78481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=78481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}