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Hong Kong SFC Should Regulate Crypto, Says Official: Report
The city’s government is expected to propose a bill that would require virtual asset services providers to apply for licenses.
Hong Kong’s Securities and Futures Commission should expand its jurisdiction to virtual assets or issue licenses, said SFC Deputy Chief Executive Julia Leung, according to local media reports.
- In light of huge investor losses, Hong Kong should crack down on unlicensed crypto trading and improve investor education while continuing to develop the digital asset industry, Leung said according to local site 881903.
- Back in May, the city’s government said it would propose a bill that would establish a crypto licensing plan and give SFC powers over virtual asset services providers. The law will be proposed in the 2021-2022 legislative session.
Read more: Hong Kong Government Proposal on Licensing Crypto Firms Ends Consultation Period
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Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
