Hong Kong’s Securities and Futures Commission should expand its jurisdiction to virtual assets or issue licenses, said SFC Deputy Chief Executive Julia Leung, according to local media reports.
In light of huge investor losses, Hong Kong should crack down on unlicensed crypto trading and improve investor education, while continuing to develop the digital asset industry, Leung said according to local site 881903.
Back in May, the city’s government said it would propose a bill that would establish a crypto licensing plan and give SFC powers over virtual asset services providers. The law will be proposed in the 2021-2022 legislative session.
Read more: Hong Kong Government Proposal on Licensing Crypto Firms Ends Consultation Period