High compliance standards on par with those in TradFi are being set in place for crypto firms by Hong Kong's securities regulator.
The standards for Virtual Asset Service Providers in Hong Kong are set “incredibly high,” as the Securities and Futures Commission wants the crypto industry to match theSpeaking to Cointelegraph at the Hong Kong WOW Summit, Lucy Gazmararian, the founder of crypto venture firm Token Bay Capital and an SFC Fintech Advisory Group member, explained that while “the bar is set high,” it’s in place for a “good reason.
“The issue is that crypto businesses are often in the startup phase,” she explained. “Many have funding but not huge amounts, not hundreds of millions.” “A criticism has been if you’re a startup crypto company, how do you even get started? Is that going to stifle the industry?” “I think companies that do get the license are going to be upholding the most stringent standards so the bar is set high but I think for good reason,” Gazmararian said.
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