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.

Bitcoin update:

hk btc rules 21 February 2023