The Securities and Futures Commission (SFC) has introduced the graduation of its Digital Asset Regulation Office, which it says will assist blockchain era agencies to benefit reputation as economic offerings entities in Hong Kong.
The SFC stated that the brand new workplace could be a one-forestall keep for all regulatory necessities relevant to virtual asset businesses. It additionally pursuits to lessen uncertainty for traders in addition to inspire innovation thru training and records sharing among regulators.
According to the SFC, there are presently greater than 1,000 agencies running withinside the blockchain enterprise in Hong Kong, with a few even claiming to be registered as banks or funding firms. However, those agencies do now no longer have the right prison framework beneathneath which they could function or offer economic offerings.
We have acquired many inquiries from marketers and traders who need to put money into blockchain projects, stated Steven Zhang, director of era on the SFC. However, because of loss of readability on how those agencies have to be regulated beneathneath our current laws, many had been worried approximately their safety.