The Hong Kong Securities and Securities Committee (SFC) has provided new instructions for coding that provides attention services.
On April 7 advertisementSFC has announced new guidelines for the exchange of encryption that provides the services of the locally approved and accredited funds exposed to the digital assets participating in Stokeing. This announcement follows recent notes from Christina Choi, Executive Director of Investment Products at SFC, who He said During a speech at the Hong Kong Web Festival:
“SFC is committed to supporting the Web3 trip in Hong Kong.”
In its announcement, the organizer said it “recognizes the potential benefits of strengthening the security of Blockchain networks and allowing investors to earn returns.” Thus, the latest guidelines allow the exchange of encryption to provide Staking service offers.
Related to: Hong Kong Investment shares increase by 93 % after only one bitcoin purchased
New rules for deception services
The new rules have been connected by the organizer in its latest circular sender To exchange encryption under its jurisdiction. SFC requires the exchange of encryption to obtain written approval before submitting commitment services, retaining the control of severe virtual assets and not delegating custody to third parties.
The exchange of cryptocurrencies that participate in deception should reveal all the risks and details related to the fees, the minimum lock periods, non -eradication, electrical power outages, and guarding arrangements for their customers. Finally, service providers must report their activities in SFC.
It was a similar circular sender To SFC, with the new rules related to funds that include more than 10 % of the net value of the assets invested directly or indirectly in digital assets. Fund can only obtain virtual assets that are also available directly for the local audience and rely on SFC platforms. It is prohibited to benefit.
Money can be involved in attention if it is consistent with the goals of the fund, while providing clear detection and strong controls. The investor’s notification may be required and perhaps the approval of the shareholders if the implementation leads to the strategy of materials or risk file changes.
Hong Kong is betting on Web3
During her latest speech, Choi SFC realized that web3 space is still developing and that “its full benefits will be revealed in time, most likely with transformations and turns.” She cited the non -explosive symbol (NFTS) as a warning story that justifies caution in the current organizational approach:
“Therefore, instead of chasing every new spark, we believe in a pragmatic approach – strengthening basics and promoting the supportive ecosystems where web3 can flourish in a sustainable way.”
Related to: Financial secretary says Hong Kong is still a “open and vital market” for encryption.
The official’s comments follow recent reports that Cryptocurrency Exchange bybit has announced the closure of the NFT market because the market is running out of Steam. The decision comes after a similar decision by Major Nft Marketplace X2Y2, which was announced in late March.
The distinctive non -violating symbol is witnessing a great contraction. The daily trading volume of NFT reached more than $ 18 million before BYBIT ads, and reached $ 5.34 million when the platform suspended decision was published by 70 %.
When you argue why web3 companies should choose Hong Kong as their headquarters, Choi indicated that Hong Kong indicated Rows The third in the global financial centers index. Moreover, local organizers have made clear guidelines for encryption companies, and Hong Kong provides easy access to Asian markets.
The highest international financial centers index 10. Source: Long
In her closing data, Choi said: “Today we are standing at the crossroads where traditional financing and digital economy converge to pay promising results for our financial markets.” She added:
“Zero has been invented to one, and its future success will depend heavily on how to care for this rapprochement, that is, how we go from one to 100.”
Honging the financial technology sector in Hong Kong, which has seen 250 % growth since 2022. SFC recently introduced a new road map to put the city as a global coded currency center.
“Aspire” hopes to dispense with the ecosystem of local virtual assets. It includes 12 initiatives spread in five broad categories, which include providing market access, improving compliance and frameworks and improving Blockchain efficiency.
magazine: Korea to lift the corporate encryption ban, beware HDS: Asia Express
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