Crypto Bombshell: Hong Kong SFC's List Revealed!

Hong Kong's financial watchdog, the SFC, will now share a list of crypto platform applicants, thanks to public demand.

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This decision comes after the JPEX crypto platform mess caused public uproar.

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SFC's CEO, Julia Leung Fung-yee, clarifies that being an applicant doesn't guarantee they follow all the SFC rules.

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Until now, only two crypto platforms were allowed for Hong Kong retail customers under new SFC rules.

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Four other companies are seeking licenses: HKVAX, HKBitEx, Hong Kong BGE Limited, and Victory Fintech Company Limited.

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Lawmakers are happy about this change and think it'll boost trust in regulations.

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They're planning a discussion on October 9 about regulating virtual asset platforms.

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Legislator Johnny Ng Kit-chong wants stronger rules, especially for stores selling crypto.

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He says these physical stores need oversight for things like ads and crypto sales.

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JPEX's recent issues, like operating without a license and suspending trading, show why we need better crypto regulation.

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SFC says we need good rules to keep people confident in the market and to educate them about crypto risks.

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SFC hesitated to share the applicant list earlier because they didn't want people to think these firms were fully following rules already.

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