Hong Kong's SFC Orders Tighter Crypto Custody Standards Following Global Breaches
Main Idea
The article discusses Hong Kong's new regulations for stablecoins and cybersecurity standards for virtual asset trading platforms, alongside updates on SEC decisions and a theft case involving Solana.
Key Points
1. Hong Kong's Securities and Futures Commission (SFC) has introduced new minimum custody standards and good practices for licensed virtual asset trading platforms (VATPs) in response to cybersecurity incidents.
2. Hong Kong passed a law requiring fiat-pegged stablecoin (FRS) issuers to obtain a license from the Hong Kong Monetary Authority (HKMA) and comply with specific operational standards.
3. Standard Chartered and Animoca Brands formed a joint venture, Anchorpoint, to pursue a stablecoin license under Hong Kong's new digital asset regime.
4. The U.S. SEC delayed its decision on Solana exchange-traded funds (ETFs) proposals, pushing the deadline to October 16.
5. A former Pump.fun employee pleaded guilty to stealing $2 million worth of Solana (SOL) from the platform.
Description
The regulator is setting minimum custody standards for licensed virtual asset trading platforms, citing rising overseas security incidents.
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