Hong Kong Set to License Digital Asset Exchanges by Year-End
Hong Kong plans to license digital asset exchanges by the end of 2024 after a five-month review of crypto platforms, as announced by Eric Yip, Executive Director for Intermediaries at the Securities and Futures Commission (SFC), during Fintech Week.
Exchanges will move from provisional to full licenses once they meet SFC regulatory standards and address compliance issues. To ensure ongoing communication, the SFC will establish a panel of representatives from licensed exchanges by early 2025.
In addition, Hong Kong will regulate over-the-counter (OTC) trading desks and custodial services for digital assets.
The Hong Kong Exchanges and Clearing Ltd. will launch a Virtual Asset Index Series, providing new Bitcoin and Ether pricing benchmarks for the Asia-Pacific region.
READ MORE:
Crypto Advocates Challenge SEC Authority Amid Regulatory TensionsAlongside these initiatives, Hong Kong introduced its first AI policy guidelines for finance, aiming to regulate AI’s integration into the sector.
Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury, outlined a strategy to promote AI adoption while managing regulatory challenges. He also announced plans to enhance tax incentives for virtual asset ownership to strengthen Hong Kong’s position in the digital asset market.
Source
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
XRP hits $1.9 as iDEGEN’s presale surpasses 350 million tokens
SEC Sues a Cryptocurrency Company for More Than $100 Million in Alleged Fraud
The SEC has filed a lawsuit against a cryptocurrency company for allegedly committing a $115 million fraud, according to the latest information.
Tether Expands USDT Reserves, Issuing 1 Billion New Tokens
Alibaba’s newest AI model QwQ-32B-Preview outshines OpenAI’s o1 in some benchmarks
Share link:In this post: Alibaba’s model surpassed OpenAI in benchmarks like AIME and MATH. The model could be a step towards reasoning AI. However, the model has its limitations too.