Hong Kong has decided to strictly regulate the cryptocurrency market

The authorities decided to use strict methods to regulate the cryptocurrency industry. This news was announced by Eddie Yue, who heads the HKMA, when he gave an interview to Bloomberg.

Details about future measures

In February, rules were proposed stating that all centralized platforms from the first of June must obtain a license from the SFC. This agency is the Securities and Futures Commission.

The requirements will apply only to those sites that will conduct business in the jurisdiction of Hong Kong or interact with their investors.

In addition to permits, a requirement for mandatory licensing of stable coins is also introduced. It will become effective by 2024.

Yue emphasized that companies will be able to develop ecosystems. However, this does not mean that easy regulation will be provided. He also noted that guidelines for banks are currently being developed with regard to servicing cryptocurrency companies. Soon, data on this will be provided by the department.

Recall that last month it became known about the beginning of the acceptance of cryptocurrency companies by local banks in the form of clients.

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