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Hong Kong Securities Regulator to Accept License Applications for Crypto Exchanges Starting June 1

Hong Kong's Securities and Futures Commission (SFC) will begin accepting applications for crypto trading platform licenses on June 1, according to a Tuesday announcement. The regulator has agreed to allow licensed virtual asset providers to serve retail investors, provided that operators assess understanding of the risks involved, according to a report on its consultation on policy recommendations released Tuesday. The rulebook explicitly bans crypto "gifts," designed to incentivize retail customers to invest – which likely includes airdrops. The document also provides more detail on allowing retail investors to use trading platforms.

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