Hong Kong’s SFC Proposes Licensing System for Crypto Service Providers

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In order to ease the regulation of cryptocurrencies, the Bank of Zambia and the nation’s securities regulator are currently “testing technologies.” According to Zambia’s minister, “the country wants to attain the future, and bitcoin represents that future.” According to analytics company Chainalysis, the crypto industry in Africa grew by more than 1,200% between July 2020 and June 2021. The collapse of FTX and its impact on cryptocurrency prices were among the justifications given by the monetary fund for embracing regulation. According to analytics company Chainalysis, the crypto industry in Africa grew by more than 1,200% between July 2020 and June 2021, with Kenya, South Africa, Nigeria, and Tanzania dominating adoption. To “create an inclusive digital economy,” the nation is moving. The minister stated that “cryptocurrency is the future that the government aspires to reach” while claiming that a legal framework is needed to promote this “revolutionary technology” in Lusaka, the capital city of Zambia. In due course, as part of intentional steps to create an inclusive digital economy for Zambia, the technology testing on regulating cryptocurrencies would be scaled up, according to Mutati.

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By March 27, Helium will switch to the Solana blockchain, with the Solana network issuing HNT, MOBILE, and IOT. The Helium layer 1 blockchain history will continue to be accessible, and a new version of the Helium Wallet App will be released. On March 27, Core Developers will start a chain halt and freeze the network and account state as part of the Upgrade’s final phase. If any serious bugs are discovered, the upgrade can be postponed. The price of Helium’s HNT tokens increased by 5% over the previous day as traders accepted the proposed transfer.

The Securities and Futures Commission (SFC) of Hong Kong has released its proposed regulations for trading platforms for virtual assets. The regulator is seeking public feedback on its proposals to create a licencing system for crypto service providers. An official notice stated that in addition to establishing a licencing framework for cryptocurrency service providers, the regulator is also looking for opinions on whether to permit licenced platforms to serve retail investors and under what investor protection measures these services should be provided. Stablecoins will be regulated in Hong Kong starting in June of this year. The new licencing system will go into effect on June 1 and the consultation period will go until March 31.

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