Hong Kong SFC allows licensed crypto firms to provide staking services

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Hong Kong financial authorities have officially allowed crypto firms to provide staking services for customers. However, they must abide by guidelines meant to protect users from associated risks.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

According to a notice published by the Securities and Futures Commission on April 7, crypto firms operating in the region that hold a virtual asset trading platforms license may offer staking services. Though, they must take necessary measures to protect customers and fully disclose the potential risks.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Before firms can start offering staking services in their Hong Kong product suite, they must first receive formal approval from the SFC. The prior written approval will include specific requirements that crypto platforms have to follow before they can start providing staking services.