On May 23, state broadcasting corporation China Central Television (CCTV) aired a segment on the adoption of cryptocurrencies in Hong Kong. As reported in the segment, Hong Kong regulators “have made final preparations” for the trading of virtual assets in the special administrative region and will accept applications from virtual asset trading platforms.
Zhonghui Cai, an official from the Securities and Futures Commission (SFC) of Hong Kong, explained during the airtime that the regulation of virtual asset providers faces challenges such as cybersecurity, surety of clients’ assets and potential conflict of interest between platforms and clients. Previously, Cointelegraph reported that while the guidelines will become effective in June 2023, the SFC has not approved any virtual asset trading platform servicing retail investors.
This story originally appeared on Investing
