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Hong Kong’s Securities and Futures Commission (SFC) has
introduced new regulations for virtual asset trading platforms (VATPs), which
became effective on June 1. Under these regulations, VATPs operating in or
marketing to Hong Kong investors must be licensed by the SFC or qualify as
“deemed-to-be-licensed VATP applicants.” The aim of these regulations
is to enhance investor protection and market integrity.
The new rules require comprehensive applications that
include management experience, industry qualifications, and external
attestations. They also set specific criteria for token admission, anti-money
laundering requirements, and prohibitions on proprietary trading.
Platforms must also have adequate insurance or compensation arrangements to
cover custodial risks.
As of the June 1 deadline, only two VATPs have been licensed
by the SFC: OSL Digital Securities Ltd. and Hash Blockchain Ltd. The SFC has published a list of 17 pending applicants for
VATP licenses.
The regulator emphasizes that these applicants are not yet
licensed and may not meet regulatory standards. Investors are advised to verify
licenses and exercise caution with unlicensed or provisionally licensed
platforms, which could be shut down if not approved.
🇭🇰 Hong Kong Reveals 17 Crypto Trading Platform Applicants as New Regulations Take Effect
Hong Kong’s Securities and Futures Commission (SFC) has published a list of two licensed crypto trading platforms and 17 pending applicants under the new regulations that went into effect…
— SmartViewAI.Com (@smartviewai) June 3, 2024
Pending Crypto License Applications
The pending applicants for VATP licenses include Hong Kong
BGE Ltd., Hong Kong Digital Asset EX Ltd., and Hong Kong Virtual Asset Exchange
Ltd. Other companies on the list are Victory Fintech Company Ltd., Panthertrade Ltd., and Accumulus GBA Technology Co. Ltd.
Additional applicants are DFX Labs Company Ltd., Newbx
Limited, and Thousand Whales Technology Ltd. Highblock Ltd., YAX Ltd., and Bullish Ltd. are also seeking licenses.
Further, Foris DAX HK Ltd., Whalefin Markets Ltd., and
Flying Hippo Technologies Ltd. are on the list. Finally, hi5 Ltd.
and Bitcoin World Technology Ltd. round out the group of pending applicants.
The SFC
stresses that operating a VATP without a license is a criminal offense. It has
committed to taking appropriate actions against any legal breaches. In response
to the new regulatory framework, several crypto exchanges, including
OKX and Gate.hk, have announced that they will cease operations in Hong
Kong.
Hong Kong’s Securities and Futures Commission (SFC) has
introduced new regulations for virtual asset trading platforms (VATPs), which
became effective on June 1. Under these regulations, VATPs operating in or
marketing to Hong Kong investors must be licensed by the SFC or qualify as
“deemed-to-be-licensed VATP applicants.” The aim of these regulations
is to enhance investor protection and market integrity.
The new rules require comprehensive applications that
include management experience, industry qualifications, and external
attestations. They also set specific criteria for token admission, anti-money
laundering requirements, and prohibitions on proprietary trading.
Platforms must also have adequate insurance or compensation arrangements to
cover custodial risks.
As of the June 1 deadline, only two VATPs have been licensed
by the SFC: OSL Digital Securities Ltd. and Hash Blockchain Ltd. The SFC has published a list of 17 pending applicants for
VATP licenses.
The regulator emphasizes that these applicants are not yet
licensed and may not meet regulatory standards. Investors are advised to verify
licenses and exercise caution with unlicensed or provisionally licensed
platforms, which could be shut down if not approved.
🇭🇰 Hong Kong Reveals 17 Crypto Trading Platform Applicants as New Regulations Take Effect
Hong Kong’s Securities and Futures Commission (SFC) has published a list of two licensed crypto trading platforms and 17 pending applicants under the new regulations that went into effect…
— SmartViewAI.Com (@smartviewai) June 3, 2024
Pending Crypto License Applications
The pending applicants for VATP licenses include Hong Kong
BGE Ltd., Hong Kong Digital Asset EX Ltd., and Hong Kong Virtual Asset Exchange
Ltd. Other companies on the list are Victory Fintech Company Ltd., Panthertrade Ltd., and Accumulus GBA Technology Co. Ltd.
Additional applicants are DFX Labs Company Ltd., Newbx
Limited, and Thousand Whales Technology Ltd. Highblock Ltd., YAX Ltd., and Bullish Ltd. are also seeking licenses.
Further, Foris DAX HK Ltd., Whalefin Markets Ltd., and
Flying Hippo Technologies Ltd. are on the list. Finally, hi5 Ltd.
and Bitcoin World Technology Ltd. round out the group of pending applicants.
The SFC
stresses that operating a VATP without a license is a criminal offense. It has
committed to taking appropriate actions against any legal breaches. In response
to the new regulatory framework, several crypto exchanges, including
OKX and Gate.hk, have announced that they will cease operations in Hong
Kong.
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