Hong Kong Securities and Futures Commission: Will conduct on-site inspections of virtual asset platform license applicants’ businesses

The Hong Kong Securities and Futures Commission stated that in the coming months, it will conduct on-site inspections of virtual asset trading platform license applicants to ensure that platforms waiting for licenses comply with regulatory requirements. If violations are found, the application will be rejected promptly, and other regulatory actions will be taken as appropriate. The one-year transitional period for the virtual asset trading platform licensing system will end on June 1. The Securities and Futures Commission reiterated that all platforms operating in Hong Kong must obtain a license or have applied for one. The latest information shows that two platforms have obtained licenses, and 18 are waiting for approval. The Commission also reminded all platforms and responsible persons to prevent mainland residents from using their virtual asset services in accordance with legal requirements.