Overview
- The Hong Kong Monetary Authority is reviewing 36 issuer applications and targets decisions in March, with only a small initial batch of approvals expected.
- Financial Secretary Paul Chan said approvals will go to applicants with novel use cases, credible and sustainable business models, and strong compliance capabilities.
- The Securities and Futures Commission introduced rules letting licensed brokers offer margin financing backed initially by bitcoin and ether, applying securities-style safeguards.
- A high-level framework will allow licensed platforms to offer perpetual contracts to professional investors only, with strict requirements on risk controls, disclosures and affiliated market makers.
- China’s national regulators reaffirmed the country’s crypto ban, including unauthorized yuan-linked stablecoins, as Hong Kong advances its selective licensing regime.