Crypto Rules In Hong Kong Require 'good Reasons,' Says Sfc Advisor
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SFC Fintech Advisory Group reviews VASP in Hong Kong
Lucy Gazmararian, founder of crypto venture firm Token Bay Capital and a member of the SFC Fintech Advisory Group, stated at The Hong Kong WOW Summit that although "the bar is set high," they are in place for a "good reason." The SFC looked at whether licensed VASP should serve retail investors and what standards should be set for investor protection. Policies on Know Your Customer (KYC) and Anti Money Laundering (AML) were also discussed.
Hong Kong to regulate crypto in short term, despite 'absolute standards
According to Gazmararian, the crypto industry in Hong Kong may face difficulties in the short term as a result of these high standards. Gazmararian thinks that more well-capitalised financial institutions will be willing to assist promising startups in getting off the ground if there is a solid regulatory framework in place. Gazmararian explained that the securities regulator is "absolutely focused" on getting everything right, so they want these businesses to share their thoughts and point out things that might have been overlooked. Hong Kong has made significant progress toward becoming the next global crypto hub.