SFC of Hong Kong Announces Plan to Revamp Cryptocurrency Laws

[kreslik.news]

The Securities and Futures Commission of Hong Kong has announced its intention to pass laws covering blockchain businesses, including cryptocurrency platforms.

“We hope to encourage the responsible use of new technologies”

Currently, only tokens which meet the definitions of security/futures contracts are supervised by the SFC. This has left a big hole for certain businesses to slip though and operate without supervision. By defining all those that distribute funds in Hong Kong as portfolio managers, all businesses would be brought under the umbrella.

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The regulator is also exploring new laws to cover cryptocurrency exchanges. To this ... (read more)