Ethereum

Victory

April

The Hong Kong Securities &amp; Futures Professionals Association (HKSFPA) advocates establishing a self-regulatory committee within the city’s crypto sector. In a recent <a href="https://www.hksfpa.org/file.aspx?clid=143&amp;atid=1740&amp;lan=1" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">recommendation</a> letter, the HKSFPA emphasized an organization’s need to oversee industry development, highlighting a perceived imbalance in regulatory focus.
According to the HKSFPA, Hong Kong’s financial sector is overly fixated on supervision without a corresponding body to foster overall industry growth. To address this gap, the association proposes the formation of a self-regulating entity, suggesting that the Securities &amp; Futures Commission (SFC) delegate licensing authority to industry stakeholders.
Under this framework, the SFC would maintain oversight of market conduct while relinquishing licensing powers to a consortium representing various sectors, including the securities, futures, asset management, and virtual asset industries.
Balancing Oversight and Development
While advocating for self-regulation, the HKSFPA acknowledges the importance of balancing oversight and industry advancement. The recommendation underscores the need for Hong Kong to maintain competitiveness in the global financial landscape while consolidating its status as an international financial hub.
However, the call for self-regulation comes amidst global scrutiny of cryptocurrency oversight. Recent developments in jurisdictions like Lithuania, where regulatory reforms are <a href="https://www.cryptotimes.io/2024/04/04/lithuania-plans-to-weed-out-crypto-firms-next-year/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">underway</a> following compliance lapses and financial misconduct within the crypto industry, serve as cautionary tales.
The Regulatory Landscape
Notably, the SFC’s <a href="https://www.cryptotimes.io/2024/04/15/hong-kong-sfc-approves-spot-bitcoin-and-ethereum-etfs/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">greenlighting</a> of ETFs by issuers like Harvest Fund Management and Bosera Asset Management on April 15 underscores&nbsp; Hong Kong’s openness to crypto innovation.&nbsp; Additionally, the regulator’s issuing official virtual asset licenses to exchanges such as Hashkey and OSL demonstrates the city’s commitment to fostering a conducive environment for crypto-related businesses.
As Hong Kong navigates the landscape of crypto regulation, the call for self-regulation presents opportunities and challenges. The city aims to strike a delicate balance between regulatory scrutiny and market innovation by fostering industry-led oversight mechanisms.&nbsp;
However, the effectiveness of such an approach will depend on collaboration between industry stakeholders and regulatory authorities to ensure the integrity and stability of Hong Kong’s crypto ecosystem.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/04/21/victory-securities-unveils-hong-kong-bitcoin-ethereum-etf-guide/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Victory Securities Unveils Hong Kong Bitcoin Ethereum ETF Guide</a>
</blockquote>

Hong Kong Officials Urge Self-Regulation in Crypto Industry

The Crypto Times

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