Hong Kong regulators wrote, “Many economically developed regions in the world have established statutory semi-official industry self-regulatory institutions to focus on industry development."
The Hong Kong Securities & Futures Professionals Association (HKSFPA) has recommended the city's crypto firms set up a self-regulatory committee and monitor one another for compliance.
“The Hong Kong financial market industry is too focused on supervision,” said the HKSFPA in an April 22 recommendation letter, “but there is no organization to maintain the overall development of the industry."
The administrative body then noted the need for Hong Kong to stay competitive in the global securities market and “consolidate its status as an international financial center.” In outlining the next steps, the HKSFPA recommended the city’s regulator, the Securities & Futures Commission (SFC), establish "statutory self-regulating” and autonomous bodies that would instead delegate licensing powers to industry players:
