CSRC: FTX Highlights Regulatory Requirements For Exchanges

The China Securities Regulatory Commission (CSRC) stated that it is drafting regulatory requirements for licensed virtual asset exchanges under the new system and will launch a public consultation.

It stated that the FTX incident affects other tokens and the entire industry, highlighting the risks of retail investors using trading platforms that are not fully regulated and the importance of whether the regulatory framework can protect investors.

The CSRC pointed out that with the passage of the “Anti-Money Laundering and Terrorist Financing (Amendment) Bill” by the Legislative Council, the agency is drafting regulatory requirements for licensed virtual asset exchanges under the new system and will launch public consultations.

The investor is closely monitoring the latest developments in the field of virtual assets, with protection as the primary goal.

The Hong Kong Securities and Futures Commission (SFC) reiterated that many jurisdictions had adopted looser standards to regulate encrypted asset service providers from the perspective of anti-money laundering or payment.

Hong Kong has adopted comprehensive supervision in response to the operation of relevant exchanges similar to securities brokers, including requiring exchanges properly separate client assets in a trusted manner and regularly submit audited accounts and financial information.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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