In Hong Kong, cryptocurrency exchanges will likely soon be required to be licensed by the city’s markets regulator, U.S. News reported. They’ll also only be able to provide services for professional investors.
The news comes from government proposals as jurisdictions around the world look at how the crypto industry should be regulated, the report stated.
Hong Kong’s Financial Services and the Treasury Bureau (FSTB) has said it thinks any virtual asset firm should be licensed, according to the report. The new proposals have drawn ire from crypto proponents, who say retail investors are important for keeping exchanges in Hong Kong and away from more unregulated areas.
In other news, Uphold Chief Compliance Officer Sameer Ismail has been fired due to accusations of fraud,
About The Study: U.S. consumers see cryptocurrency as more than just a store of value: 46 million plan say they plan to use it to make payments for everything from financial services to groceries. In the Cryptocurrency Payments Report, PYMNTS surveys 8,008 cryptocurrency users and nonusers in the U.S. to examine the ways in which they plan to use crypto to make purchases, what crypto they plan to use — and how merchant acceptance can influence merchant choice and consumer spend.