The Hong Kong Securities Futures Fee (SFC) is reportedly effect to start cryptocurrency alternate licensing guidelines next month.

The plans were reported by Bloomberg on April 27, which cited feedback from the SFC’s CEO, Julia Leung.

The incoming guidelines will present reinforce to crypto trading platforms that shall be ready to present trading companies and products to retail merchants on June 1.

Leung acknowledged the session job on the licensing regime got over 150 responses from events, in accordance to Bloomberg.

Anti-Cash Laundering (AML) and Know Your Client (KYC) regulatory requirements were about a of the vital concerns made in the Feb. 20 file that Leung develop into presumably referring to.

Julia Leung, CEO, the Securities and Futures Fee Hong Kong speech at Bloomberg #virtualasset #esg #wealthconnect #ifc pic.twitter.com/M1eCHLP1VZ

— Finance Mandarin 漢通金融學院 (@FinanceMandarin) April 27, 2023

Whereas confirmation awaits for many means Virtual Asset Carrier Provider (VASP) licensees, some trading platforms contain already begun offering crypto-connected companies and products to merchants below the SFC’s supervision.

OSL and Hashkey Group are amongst the few trading platforms to contain already got licenses from the SFC, in accordance to Reuters.

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Despite Hong Kong’s ambition to changed into the next crypto hub, no longer every trading platform has chosen to stick around for the long haul.

Bitget — a crypto alternate with $1.4 trillion resources in reserve — launched on April 24 that this is able to maybe cease offering companies and products to its Hong Kong potentialities when the Hong Kong VASP regime takes cease on June 1.

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