Hong Kong SFC Proposes Limits on Crypto and Exchange Business Labels

Hong Kong’s Securities and Futures Commission (SFC) proposed restricting how unauthorized businesses use crypto and exchange-related labels, aiming to prevent the public from mistaking them for regulated firms or trading venues. The terms listed include “crypto,” “cryptocurrency,” “crypto coin,” “digital asset,” “digital coin,” “token,” “tokenized assets,” “virtual asset” and “virtual coin.” The proposal also covers “exchange,” “market” and “trading platform,” terms that can suggest a connection to an exchange, clearing house or virtual asset trading platform. The restrictions would apply to combinations of the listed terms and similar expressions. A single term alone would not necessarily be restricted. The proposed changes would amend Hong Kong’s Securities and Futures Ordinance and Anti-Money Laundering and Counter-Terrorist Financing Ordinance.

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