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Hong Kong Securities and Futures Commission: The non-violation period for virtual asset trading platforms operating in Hong Kong will end on June 1

CointimeCointime2024/05/28 09:07
By:Cointime

On May 28th, PANews reported that the Securities and Futures Commission (SFC) of Hong Kong issued a statement reminding the public that the operation of virtual asset trading platforms in Hong Kong that do not violate the "Anti-Money Laundering and Terrorist Financing Ordinance" (Chapter 615) ("AML Ordinance") will end on June 1, 2024. At that time, all virtual asset trading platforms operating in Hong Kong must obtain a license from the SFC or be an applicant for a virtual asset trading platform that is "treated as licensed", otherwise it will be considered a criminal offense to operate in Hong Kong.The SFC recommends that investors only buy and sell virtual assets on licensed virtual asset trading platforms and check the "List of Licensed Virtual Asset Trading Platforms" on the SFC website to confirm whether the platform they are using has obtained a license.In addition, the SFC does not expect applicants who are "treated as licensed" to actively promote their services or establish business relationships with new retail customers until their policies, procedures, systems and monitoring measures are accepted and officially licensed by the SFC.Finally, the SFC will conduct on-site inspections to determine whether applicants who are "treated as licensed" comply with regulatory requirements, with particular attention to customer asset protection and "know-your-customer" procedures. If any violations are found, the SFC will promptly reject the relevant license application and take appropriate regulatory action.

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