Hong Kong’s securities regulator, the Securities and Futures Commission:
- said cryptocurrency-trading companies would need to leave the city if they don’t plan on getting licenses
And released proposed new rules including:
- would require crypto exchanges to ringfence customer deposits
- put controls in place to keep crypto keys secure
- make sure that no more than 2% of customer funds are stored in a so-called “hot wallet”
SFC flagged a June introduction of new rules.