Crypto's narrative this year has varied so widely that one dominant thread is difficult to pin down. BTC was hovering comfortably above $27K. TheSamReynolds writes
Currently, most of the virtual asset trading platforms accessible to the public are not regulated by the SFC, and the SFC hasn’t announced a list of license applicants.
Platform operators must ensure the suitability of retail clients through comprehensive onboarding processes, the SFC says, including risk tolerance assessment and a holistic evaluation of an investor's understanding of virtual assets based on their education, work, and prior trading experience. It’s understood that many exchanges intending to apply for licenses in Hong Kong, such as Binance, have begun to heavily hire ex-TradFi types who hold these licenses – crypto knowledge be damned.The new regulations mandate crypto exchanges to maintain a minimum of HKD 5,000,000 in capital at all times and submit monthly financial reports to the SFC, which include a summary of both assets as well as liabilities such as bank loans or other credit facilities.
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