On November 1, the Hong Kong Securities and Futures Commission (SFC) announced that virtual assets would now receive a new regulatory approach from the panel. The SFC has defined virtual assets as “digital value representation”. Examples include “cryptocurrencies”, “cryptographic assets” and “digital tokens”.
In addition, the regulator stated that this measure had been taken by the SFC to protect the interests of those who have invested in this asset class. The panel will also impose licenses and other conditions on virtual asset management and digital asset portfolio management.
Ashley Alder, President and CEO of CCC, also said:
“The measures announced today allow us to regulate the management or distribution of virtual asset funds in one way or another so that investors’ interests would be protected either at the fund management level, at the distribution level, or both.”
He also talked about creating a safe environment for investors and getting effective results for the people involved. Here he said:
“We hope to encourage the responsible use of new technologies and also provide investors with more choices and better outcomes.”
The new framework will also examine the nature of cryptocurrencies and other virtual assets to determine if they are fit for future regulation. Platforms involved in the trading of virtual assets are also the subject of such an investigation.
The legal licensing process and the regulatory process will only be appropriate. Once the exploration is complete, the facility stated that it would license and monitor these platforms.
However, the statement also states that it can not guarantee the protection of the security of the world. SFC also reported that it would be in the cryptocurrency space.
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