CoinVoice has recently learned that the People's Bank of China has issued the (China Financial Stability Report (2024)), which mentions global cryptocurrency regulatory dynamics, including Hong Kong's cryptocurrency compliance progress.
The report points out that in light of the potential spillover risks that crypto assets may pose to the stability of the financial system, regulatory authorities in various countries are continuously increasing their regulatory efforts on crypto assets. Currently, 51 countries and regions around the world have implemented prohibitions on crypto assets, and some economies have adjusted their existing laws or re-legislated regulations.
Among them, Hong Kong, China is actively exploring the licensing management of crypto assets, categorizing virtual assets into two types for regulation: securitized financial assets and non-securitized financial assets. A distinctive 'dual-license' system is implemented for operators of virtual asset trading platforms, applicable to the regulations and licensing system of the (Securities and Futures Ordinance) and (Anti-Money Laundering Ordinance). Institutions engaged in virtual asset business must apply for a registered license from the relevant regulatory authorities in order to operate. At the same time, Hong Kong requires large financial institutions such as HSBC and Standard Chartered Bank to include cryptocurrency exchanges in their routine customer supervision.