The Hong Kong Securities and Futures Commission (SFC) is examining expanding regulatory restrictions, including a ban on servicing retail clients by bitcoin exchanges. The ban could also cover purchases of digital assets in crypto ATMs, according to South China Morning Post.
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If approved, exchanges would be required to obtain licences. The community has called for crypto ATMs to be excluded from the expanded AML rules, but the chances of the initiative succeeding remain uncertain.
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The government said in a consultative document that it would consider regulating them \”when the market is ready\”, according to SCMP.
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According to Coin ATM Radar, 62 such devices are currently operating in Hong Kong.
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Data: Coin ATM Radar.
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Back in November, the Hong Kong Securities and Futures Commission stated that it would extend regulatory requirements to all bitcoin exchanges. As of now, several cryptocurrency exchanges operate in Hong Kong, including Huobi, OKEx and BitMEX.
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Earlier it was reported that the People’s Bank of China and Hong Kong are deploying the digital yuan in cross-border payments. Details on testing timelines and technical details have not been disclosed.
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