The Hong Kong Securities and Futures Commission (SFC) has published consultation conclusions proposing amendments to the Securities and Futures Ordinance and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance to restrict unauthorized institutions from using specified virtual asset-related terms that could mislead the public into believing their business is regulated by the SFC or associated with licensed exchanges, clearing houses, and trading platforms.
The proposed restricted terms include "crypto," "cryptocurrency," "crypto coin," "digital asset," "digital coin," "token," "tokenised assets," "virtual asset," "virtual coin," as well as "exchange," "market," and "trading platform." The SFC clarified that restrictions target combinations of these terms rather than single-word usage.
The regulator expects to submit draft legislative amendments to the Legislative Council for deliberation after finalization. If passed, the provisions will take effect six months after enactment.
Hong Kong SFC Proposes Restricting Use of 'Crypto,' 'Exchange' Terms by Unauthorized Firms
Disclaimer: The content provided on Phemex News is for informational purposes only. We do not guarantee the quality, accuracy, or completeness of the information sourced from third-party articles. The content on this page does not constitute financial or investment advice. We strongly encourage you to conduct you own research and consult with a qualified financial advisor before making any investment decisions.
