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Hong Kong regulator exploring rules for cryptocurrency exchanges

Hong Kong's Securities and Futures Commission is looking at new rules to regulate cryptocurrency trading platforms in the city, the South China Morning Post reported Oct. 15, citing the commission's outgoing Chairman Carlson Tong Ka-shing.

Tong said the regulator is looking at ways to get a more formal cryptocurrency regulation in place despite having issued several warnings for investors to be wary of trading on cryptocurrency trading platforms. The SFC has to carefully consider the regulatory approach for these trading platforms as they are new technology and do not fit under the securities regulator's purview, Tong added.

"We need to see if and how these platforms can be regulated to a standard that is comparable to that of a licensed trading venue, while at the same time ensuring investors interest are being protected," Tong said.

Tong will step down as chairman of the SFC on Oct. 19. He will be replaced by Tim Lui Tim-leung.