Hong Kong SFC Releases Staking Guidelines for Licensed Crypto Firms
- Hong Kong’s SFC released staking guidelines for regulated virtual asset trading platforms in the country.
- Staking guidelines of the regulator are a part of its broader plans to regulate cryptocurrencies.
Crypto regulation took a front seat among countries across the globe after the re-election of Donald Trump as the US president. Stablecoin regulation is already witnessing a clear progression in the US and other countries. As per the latest reports, Hong Kong’s regulator released a crypto staking guidance for licensed crypto firms in the country.
Hong Kong’s SFC (Securities and Futures Commission) released staking guidelines earlier today for virtual asset trading platforms and authorized virtual asset funds. The announcement originally came out when SFC Executive Director Christina Choi gave a keynote speech at the Hong Kong Web3 Festival.
Hong Kong SFC Recognizes Crypto Staking Benefits
The regulator said it recognized the potential benefits of crypto staking in enhancing the security of blockchain networks. Staking also helps investors earn yield within a regulated market environment.
The latest staking guidance allows virtual asset trading platforms (VATPs) to offer staking services by expanding their products and services. This is one of the five pillars detailed in SFC’s roadmap to regulate Hong Kong’s virtual asset ecosystem.
All VATPs must maintain measures detailed in the guidance and make sure they maintain full disclosure of risks. On a similar note, the regulator also authorized virtual asset funds (VAFs) with staking services. SFC’s Chief Executive Officer said,
“Broadening the suite of regulated services and products is crucial to sustain the healthy advancement of Hong Kong’s virtual asset ecosystem. But the broadening must be done in a regulated environment where the safety of client virtual assets continues to be front and centre of the compliance framework for offering such service.”
Crypto regulation initiatives are taking place all over the world. Hong Kong is also taking its vision of crypto regulation forward. The present staking guidance offers a way to expand products and services to VATPs in the country. This is one of the few steps that takes the country towards a clear crypto regulatory framework.
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Hong Kong SFC Releases Staking Guidelines for Licensed Crypto Firms
- Hong Kong’s SFC released staking guidelines for regulated virtual asset trading platforms in the country.
- Staking guidelines of the regulator are a part of its broader plans to regulate cryptocurrencies.
Crypto regulation took a front seat among countries across the globe after the re-election of Donald Trump as the US president. Stablecoin regulation is already witnessing a clear progression in the US and other countries. As per the latest reports, Hong Kong’s regulator released a crypto staking guidance for licensed crypto firms in the country.
Hong Kong’s SFC (Securities and Futures Commission) released staking guidelines earlier today for virtual asset trading platforms and authorized virtual asset funds. The announcement originally came out when SFC Executive Director Christina Choi gave a keynote speech at the Hong Kong Web3 Festival.
Hong Kong SFC Recognizes Crypto Staking Benefits
The regulator said it recognized the potential benefits of crypto staking in enhancing the security of blockchain networks. Staking also helps investors earn yield within a regulated market environment.
The latest staking guidance allows virtual asset trading platforms (VATPs) to offer staking services by expanding their products and services. This is one of the five pillars detailed in SFC’s roadmap to regulate Hong Kong’s virtual asset ecosystem.
All VATPs must maintain measures detailed in the guidance and make sure they maintain full disclosure of risks. On a similar note, the regulator also authorized virtual asset funds (VAFs) with staking services. SFC’s Chief Executive Officer said,
“Broadening the suite of regulated services and products is crucial to sustain the healthy advancement of Hong Kong’s virtual asset ecosystem. But the broadening must be done in a regulated environment where the safety of client virtual assets continues to be front and centre of the compliance framework for offering such service.”
Crypto regulation initiatives are taking place all over the world. Hong Kong is also taking its vision of crypto regulation forward. The present staking guidance offers a way to expand products and services to VATPs in the country. This is one of the few steps that takes the country towards a clear crypto regulatory framework.
Highlighted Crypto News Today:
Crypto market crash: $1.35 billion lost in 24 hours due to global tariffs
Read More
Ripple Calls on UK Government to Expedite Crypto Asset Regulation