Investors eagerly awaiting the transformation of Hong Kong into a crypto haven can anticipate a better understanding of the regulatory requirements in the region as early as next month.

According to a recent report from Bloomberg, the Securities and Futures Commission of Hong Kong plans to release guidelines outlining its licensing procedures for cryptocurrency exchanges in May.

The announcement was made by the watchdog’s Chief Executive Officer, Julia Leung, during an undisclosed event where she revealed that the regulatory framework had received over 150 responses during its consultation process.

This move by the Securities and Futures Commission could be a major step in streamlining the development of the crypto industry in Hong Kong.

Hong Kong authorities announced on February 20th their plans to lift the ban on retail trading of cryptocurrencies, setting a deadline of June 24th for all trading platforms to obtain licenses or cease operations.

The Securities and Futures Commission (SFC) issued the warning to ensure all operators comply with regulations that seek to balance investor protection and market development.

The move has been met with widespread acclaim in the crypto industry, particularly in light of Singapore’s increasingly stringent stance on crypto regulation following the high-profile collapse of Terra blockchain and Three Arrows Capital, both of which had operations based in Singapore.