Hong Kong Regulator Plans to Create Consultative Panel for Licensed Crypto Exchanges

Reading Time: < 1 minute

The SFC of Hong Kong will be creating a consultative panel for licensed cryptocurrency exchanges in 2020, according to Eric Yip, the executive director of intermediaries at the SFC.

The panel will consist of representatives from licensed exchanges and will focus on promoting transparency and shared responsibility among licensees.

Yip also mentioned that the panel discussions will result in a comprehensive white paper outlining the development roadmap for virtual asset products and services, as well as potential improvements in compliance and risk management.

This is part of Hong Kong’s efforts to establish a comprehensive framework for digital assets, including new legislation for over-the-counter trading and stablecoins.

Three virtual asset trading platforms are currently licensed in the city, with 14 more applications being processed and expected to be granted by the end of the year.