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Hong Kong’s Securities and Futures Commission (SFC) is tightening custody rules for #crypto# exchanges, aiming to protect client assets with stricter wallet security and oversight.
The SFC dropped updated guidance for virtual asset trading platforms, citing over $3 billion in global losses from hacks. They are mandating beefed-up wallet infrastructure and access controls to close vulnerabilities.
With hackers moving funds 75 times faster than before, the SFC’s move aligns with Hong Kong’s ASPIRe roadmap for stricter regulation.
#CryptoNews