The Hong Kong Securities and Futures Commission (SFC) has made two important updates to policies regarding cryptocurrencies.
SFC included updated guidelines for the cryptocurrency industry in a statement dated October 20. The regulatory body took the step in question in the market. Recent developments and while emphasizing that he made the decision in light of the questions coming from the sector, he recently came to mind: to serious losses Cryptocurrency exchange that led JPEX came.
In the updated directive presented by the institution, firstly that certain cryptocurrencies are only available to professional investors. place was given. SFC considers cryptocurrencies as investments.complex productsHe drew attention by describing it as “.
With this Secondly Before receiving investments from customers of intermediary institutions such as cryptocurrency exchanges, Whether you have sufficient knowledge about the sector will need to be evaluated.
SFC provides that if investors do not have sufficient knowledge about crypto money, these people will be given the necessary information by the exchanges. educational and instructive information He said it should be given. In line with this rule update, investors, stock exchanges and brokerage firms knowledge test After passing, they will be able to continue their transactions.
An analogy to this last rule, In England on October 8th It is also included in the cryptocurrency regulations that have come into force.
In the statement made specifically on the subject, the following statements were made regarding the reason for the update:
The SFC and HKMA have reviewed their existing policies for intermediaries seeking to engage in cryptocurrency-related activities. The policy has been updated in light of recent market developments and demands from the industry, which wish to further expand retail access through intermediaries and allow investors to deposit and withdraw cryptocurrencies directly to and from intermediaries with appropriate safeguards.