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Hong Kong set to enforce crypto regulation from June

Hong Kong’s Financial Secretary Paul Chan said that the government has completed its crypto regulation framework, which will come into effect in June 2023.

Speaking at the POW’ER Web3 Summit on Jan. 9, Chan said that the legislative framework needed to issue licenses to virtual asset providers has been finalized. “We have recently completed the legislative work for licensing virtual asset service providers and the new measure will come into effect in June.”

He added that the regulatory requirements for virtual asset providers will be similar to what is currently applicable to traditional financial institutions. Specifically, exchanges will be required to detail how they plan to combat money laundering and enforce investor protection.

In addition, the Securities Regulatory Commission recently approved the listing of two exchange-traded funds (ETFs) on the Hong Kong Stock Exchange. Secretary Chan added that the government is working to tokenize its green bonds and implement a cross-border application for the central bank digital currency eHKD.

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