when

JPEX

Coin

<ul class="wp-block-list news-points">
 <li>SFC inspections reveal gaps in compliance, threatening Hong Kong’s crypto hub ambitions.</li>
 <li>Major exchanges face delays, with licenses at risk due to unmet regulatory standards.</li>
 <li>JPEX incident raises SFC’s focus on protecting client assets and strict KYC enforcement.</li>
</ul>
Hong Kong’s crypto hub ambitions hit a snag as exchanges grapple with strict licensing requirements from the Securities and Futures Commission (SFC).
On-site inspections by the SFC have revealed shortcomings in some crypto platforms’ operations, raising concerns about the city’s ability to establish itself as a leading digital asset center.
Since June, when several crypto platforms received deemed-to-be-licensed status, the SFC has been conducting inspections to ensure compliance with its regulations.
Sources indicate that some platforms have fallen short of the <a href="https://www.bloomberg.com/news/articles/2024-08-22/hong-kong-crypto-exchanges-face-challenges-to-get-full-licenses" target="_blank" rel="noopener noreferrer nofollow">SFC’s standards</a> in key areas like safeguarding client assets and preventing cybercrime.
The reliance on a small group of executives to manage these essential functions has been flagged as a significant concern. <a href="https://coinedition.com/beware-of-these-7-crypto-platforms-hong-kong-sfc-warns/" rel="noopener noreferrer nofollow">The SFC’s inspections</a> are ongoing, and findings may evolve, potentially leading to further complications for the involved …
The post <a href="https://coinedition.com/hong-kongs-crypto-hub-plans-hit-by-regulatory-challenges/" rel="noopener noreferrer nofollow">Hong Kong’s Crypto Hub Plans Hit by Regulatory Challenges</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Hong Kong’s Crypto Hub Plans Hit by Regulatory Challenges

Coin Edition

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