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<p class="is-style-lead">Hong Kong&#8217;s financial regulator is set to roll out a new framework that would allow retail investors to trade crypto assets like BTC and ETH, and will also include measures to protect investors. </p>



<h2 class="wp-block-heading" id="new-guidelines-set-to-commence-in-june-2023">New guidelines set to commence in June 2023</h2>



<p>The Securities and Futures Commission (SFC) <a href="https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR53" target="_blank" rel="noreferrer noopener">announced</a> the conclusion of consultations regarding the regulation of crypto exchanges and retail participation. </p>



<p>The proposed guidelines for cryptocurrency exchanges looking to operate in Hong Kong will be implemented on June 1, 2023. </p>



<p>According to the SFC, 152 respondents ranging from market participants to consultancy firms and individuals made submissions during the <a href="https://crypto.news/hong-kong-sfc-debates-allowing-retail-investors-to-invest-in-crypto/">consultation process</a> which launched in February 2023 and ended in March 2023. </p>



<p>Most of the respondents welcomed the SFC&#8217;s proposal to allow retail traders to access licensed crypto operators. </p>



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<p>However, despite the implementation of the new regulatory framework set to begin in less than 10 days, the SFC has yet to green-light any firm to service retail investors.</p>



<p>The Hong Kong regulator stated that most existing cryptocurrency exchanges open to the public are not SFC-regulated entities. </p>



<p>The announcement also said that crypto firms willing to comply with the new guidelines can apply for a license, and others not prepared to follow the SFC&#8217;s regulations should cease operating in Hong Kong.</p>



<blockquote class="wp-block-quote">
<p>“Hong Kong’s comprehensive virtual assets regulatory framework follows the principle of ‘same business, same risks, same rules&#8217; and aims to provide robust investor protection and manage key risks. This will enable the industry to develop sustainably and support innovation.”</p>
<cite>Julia Leung, SFC CEO. </cite></blockquote>



<h2 class="wp-block-heading" id="more-crypto-exchanges-favor-hong-kong">More crypto exchanges favor Hong Kong</h2>



<p>Hong Kong&#8217;s new approach towards crypto has seen firms flocking to the city, with companies like <a href="https://crypto.news/bybit-to-expand-into-hong-kong-crypto-market/">Bybit</a>, <a href="https://crypto.news/huobi-seeking-hong-kong-license-to-launch-local-exchange/">Huobi</a>, and <a href="https://crypto.news/okx-expands-to-hong-kong-to-apply-for-vasp-license/">OKX</a>, planning to apply for a license under the upcoming guidelines.&nbsp;</p>



<p>While the city is working towards making itself a major crypto hub, other Asian countries continue to clamp down on cryptocurrency firms. </p>



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<p>As previously reported by crypto.news, Malaysian authorities ordered Huobi to <a href="https://crypto.news/malaysia-accuses-huobi-of-operating-unregistered-crypto-exchange/">cease operations</a> in the region, saying that the firm was not registered. </p>



<p>The Philippines&#8217; Securities and Exchange Commission (SEC), also <a href="https://crypto.news/philippines-sec-warns-gemini-over-unregistered-derivatives-exchange/">issued a warning</a> to investors against investing in Gemini&#8217;s recently launched derivatives trading venture, claiming it was not licensed by the regulator. </p>



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Hong Kong set to offer retail crypto trading licenses soon

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