Main notes
- Hong Kong SFC is now calling for written approval to participate in Crypto Stokeing.
- Stokeing is now one of the largest profit projects in the proving protocols, and thus the need to organize.
- By increasingly participating with this industry, Hong Kong continues its engine to be a major encryption center.
Hong Kong's financial organization has announced new rules for encrypted work service. The Securities and Futures Committee (SFC) says the new rules are part of its broader plan to support the development of Web3 while protecting investors.
SFC provides strict requirements for deception services
On April 7, SFC New guidelines have been published Provides how Hong Kong encryption exchanges and approved funds are provided. This step follows increasing interest in the POS Projects (POS), as users closes their digital assets to help secure Blockchain networks, and in return, they earn rewards.
Hong Kong's encryption exchange must now seek to obtain written approval from SFC before submitting any form of attention. SFC also explained that these exchanges should not be recognized by the amazing custody of the assets to third parties. Instead, they have to maintain full control over the same assets.
Hong Kong SFC noticed that any platform that provides Stokeing services should now clearly reveal the risks they involve. The platforms should also reveal all the attached drawings, the lock period, and how users can cancel their assets. Platforms should also include a plan to deal with power outages. There should also be regular reports to the organizer about Stokeing activities.
The generalization was not limited to exchanges. SFC has also released the same collection of instructions for encryption boxes. Any box that holds more than 10 % of its total assets in digital currencies must now be followed if it is involved in attention.
These boxes should only buy the virtual assets available to the public in Hong Kong and use SFC platforms.
In a previous update, SFC unveiled a new organizational road map. Under this road map, the organizer provided licenses for trading and nursery services that do not need a prescription (OTC). OTC trading enables adult investors to buy and sell encrypted currencies in private transactions.
Web3 remains at the heart of Hong Kong plans
The new rules of engagement come at a time when Hong Kong introduces itself as a leading player in Web3. Speaking about the above, Christina Choi, Executive Director of SFC Investment Products, said that the organizer is committed to building a strong and safe environmental system for Web3 companies.
She spoke during the Hong Kong Web 3 festival, where she confirmed that innovation should not come at the expense of the investor protection. Choi pointed out the recent NFT market as a reason for the need to organize.
She pointed out that the daily NFT trading volumes decreased by 70 % compared to last year, which prompted some platforms, such as bybit, to move towards that Current their NFT markets.
Even with these changes, it is still positive. She said that Hong Kong stands at a turning point where traditional financing is combined with digital tools. Through ASPIRE, which includes 12 action plan in five categories, the city hopes to become a global center for digital assets while ensuring long -term growth and audience confidence.
Meanwhile, in line with the recent communication with industry, Binance CEO met with Hong Kong Police in February. This meeting sought to enhance cybersecurity cooperation with the continued exchange of expanding its efforts in preventing fraud.
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Slip: Coinspeaker is committed to providing unbiased and transparent reports. This article aims to provide accurate and timely information, but it should not be considered financial or investment advice. Since market conditions can change quickly, we encourage you to check your information and consult with a professional before making any decisions based on this content.
Part, an encrypted journalist with more than 5 years of experience in this industry, with the main media in the world of encryption and financing, gathered experience and experience in space after survival in the bear markets and bull over the years. Part is also the author of the book 4 books published self.