Hong Kong Strikes a New Path to Strengthen Crypto Asset Security
Main Idea
The Hong Kong Securities and Futures Commission (SFC) has issued new directives to strengthen crypto asset security by requiring virtual asset trading platforms (VATPs) to reassess custodian practices, aiming to establish measurable discipline in the industry.
Key Points
1. The SFC's directive requires VATPs to critically reassess their custodian practices to prevent vulnerabilities and customer asset losses.
2. The new rules apply to both existing and future VATPs, with the aim of creating a more stable and secure crypto industry.
3. Hong Kong is implementing a separate licensing regime for crypto exchanges, effective from August 1, 2025, to attract businesses and ensure regulatory compliance.
4. The SFC's custody directive is part of Hong Kong's broader strategy to position itself as a secure and regulated hub for cryptocurrency activities.
5. The move comes amid a 27% increase in crypto-related losses in July, highlighting the need for stricter oversight.
Description
Hong Kong SFC strengthens practices for safeguarding customer assets in cryptocurrency platforms. New directive elaborates on responsibilities, supervision, and real-time threat monitoring. Continue Reading: Hong Kong Strikes a New Path to Strengthen Crypto Asset Security The post Hong Kong Strikes a New Path to Strengthen Crypto Asset Security appeared first on COINTURK NEWS .
Latest News
- Cryptocurrency Market Dives: ETH, TAO, and SOL Quarterly Projections2025-08-15 15:28:17
- Cryptocurrency Faces Challenge with Latest US Economic Data2025-08-15 14:27:49
- Cryptocurrency Experts Make Bold Moves in a Volatile Market2025-08-15 13:54:54
- Circle Boosts Financial Strategy with Ambitious Stock Offering2025-08-15 13:14:43
- Ethereum Claims Market Share as Memecoin Popularity Dips2025-08-15 12:33:57