Breaking: Hong Kong Regulator To Release Crypto Exchange Rules; Will US SEC Follow?

Crypto News: As the global digital asset market looks for regulatory clarity from top financial watchdogs, Hong Kong plans to deliver a framework. Hong Kong’s Securities and Futures Commission is reportedly releasing guidelines for crypto exchanges. However, this development comes in when one of the biggest financial regulators U.S. Securities and Exchange Commission (SEC) struggled to provide regulatory clarity.

Also Read: Coinbase Launches “Stand With Crypto” NFT After Going Against SEC

Hong Kong Seeks To Provide Clear Crypto Rules

As per reports, Hong Kong Securities and Futures Commission Chief Executive Officer Julia Leung in an event stated that licensing guidelines for digital asset trading platforms in May. She added that the consultation process for crypto exchanges’ regulatory guidelines witnessed more than 150 feedbacks.

Hong Kong aims to develop and portray itself as a financial hub. The regulator is planning to allow retail investors to trade cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). At the same time, a regulatory crackdown can be seen in the U.S. Read More Crypto News Here…

Also Read: US House Investigating Potential Operation Choke Point 2.0 To De-Bank Crypto

U.S. SEC has been criticized for not providing clear rules for crypto trading and other operations. Coingape reported that the U.S. biggest crypto exchange, Coinbase on Monday filed a lawsuit against the SEC. However, Brian Armstrong, Coinbase CEO also minted an NFT and asked the Community to “Stand With Crypto”.

The complaint requests the court to ask the US SEC to publically release the reply to its months old petition regarding clarity over digital asset regulations.