Hong Kong Securities Futures Commission to Issue Crypto Exchange Licensing Guidelines

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According to reports, the Hong Kong Securities Futures Commission (SFC) will issue cryptocurrency exchange licensing guidelines next month. The guidelines will help crypto trading platforms that will be able to provide trading services to regular clients from June 1. Some of the primary issues in the Feb. 20 study included anti-money laundering (AML) and Know Your Client (KYC) regulatory obligations. OSL and Hashkey Group are two of the few trading platforms that have previously secured SFC licenses, Reuters reported. Bitget, a cryptocurrency exchange with $1.4 trillion in reserves, declared on April 24 that it will no longer provide services to Hong Kong consumers when the Hong Kong VASP system goes into force on June 1.

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Zodia Custody, a Standard Chartered crypto-focused company, has secured $36 million to explore worldwide expansion. The majority of the capital was provided by SC Ventures and SBI Holdings, with the balance being provided by undisclosed investors. The funds will be utilized to expand geographically and increase token coverage, as well as to strengthen interchange and off-exchange settlement services. In response to rising institutional demand, Zodia Markets, an institutional trading firm, is speeding plans to expand in the United States.

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