Industry participants in Hong Kong are preparing to allow customers to trade crypto.
A digital asset leader said brokers must prove client asset custody and insurance.
A recently amended act required virtual asset firms to seek licenses from the SFC.
Industry participants in Hong Kong’s financial services sector are effectively laying the framework to allow retail customers to trade virtual assets in the coming months following a critical amendment to provincial legislation.
A local media house quoted Robert Lui, digital asset leader at Deloitte Hong Kong:
We have seen a lot of local brokers and fund managers seeking advice from us about the licensing requirements under the new regulatory regime. To safeguard client interests, they must show the SFC they have internal controls, client money custody, and insurance arrangements.
Lui added that authorities would likely let ordinary investors trade virtual assets with high market capitalization and liquidity. In September 2022, more than a dozen potential companies showed
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