Share this article
Hong Kong SFC Should Regulate Crypto, Says Official: Report
The city’s government is expected to propose a bill that would require virtual asset services providers to apply for licenses.
Updated May 11, 2023, 4:29 p.m. Published Sep 7, 2021, 10:43 a.m.
Hong Kong’s Securities and Futures Commission should expand its jurisdiction to virtual assets or issue licenses, said SFC Deputy Chief Executive Julia Leung, according to local media reports.
- In light of huge investor losses, Hong Kong should crack down on unlicensed crypto trading and improve investor education while continuing to develop the digital asset industry, Leung said according to local site 881903.
- Back in May, the city’s government said it would propose a bill that would establish a crypto licensing plan and give SFC powers over virtual asset services providers. The law will be proposed in the 2021-2022 legislative session.
Read more: Hong Kong Government Proposal on Licensing Crypto Firms Ends Consultation Period
STORY CONTINUES BELOW
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
CFTC Gives No-Action Leeway to Polymarket, Gemini, PredictIt, LedgerX Over Data Rules
The CFTC granted the operators of Polymarket, PredictIt, Gemini and LedgerX permission to skip certain recordkeeping requirements.
What to know:
- The Commodity Futures Trading Commission granted several prediction-market firms certain regulatory leeway in meeting derivatives rules, suggesting they won't get into enforcement trouble if they do business as intended.
- The no-action letters went to Polymarket, PredictIt, Gemini and LedgerX/MIAX.
Top Stories
