Hong Kong to Accept Exchange License Applications
VICTORIA CITY, HK – Hong Kong’s Security and Future Commission (SFC) announced Tuesday that it will begin accepting applications for licenses from cryptocurrency trading platforms starting June 1.
According to the rules, crypto exchanges must always maintain a minimum of 5,000,000 HKD ($640,000) in capital. They are also required to submit monthly reports to the SFC, including information on available and required liquid capital, bank loans, advances, and credit facilities, as well as profit and loss analysis. Tokens approved for trading on regulated exchanges must have a 12-month “track record.”
The guidelines highlight the responsibility of platform operators to conduct due diligence. While platform operators do not need to appoint independent external members to token review committees, they must effectively handle conflicts of interest.
