Hong Kong SFC New Guidelines for Virtual Asset Trading Platform Operators to be Effective on 1st June 2023, Licensed Trading Platform Operators Allowe
Hong Kong, Asia's leading financial centre Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more Caproasia Access | Events | Summits | Register Events | The Financial Centre The 2023 Investment Day | 2023 Family Office Summits | Family Office Circle This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion. 
Hong Kong SFC New Guidelines for Virtual Asset Trading Platform Operators to be Effective on 1st June 2023, Licensed Trading Platform Operators Allowed to Serve Retail Investors 24th May 2023 | Hong Kong
Hong Kong Securities & Futures Commission (SFC) new guidelines for “Virtual Asset Trading Platform Operators” will be effective on 1st June 2023 (Thursday), with licensed trading platform operators allowed to serve retail investors. Hong Kong SFC: “A significant majority of respondents agreed to our proposal to allow licensed trading platform operators to serve retail investors. The SFC will implement a number of robust measures to protect these investors including ensuring suitability in the onboarding process, good governance, enhanced token due diligence, admission criteria and disclosures … … Operators of virtual asset trading platforms who are prepared to comply with the SFC’s standards are welcome to apply for a licence. Those who do not plan to do so should proceed to an orderly closure of their business in Hong Kong. The SFC will continue its efforts with the Investor and Financial Education Council to warn investors about the risks of trading on unregulated platforms. In particular, despite the commencement of the regime on 1 June 2023, the SFC has yet to approve any virtual asset trading platform to provide services to retail investors and most virtual asset trading platforms currently accessible by the public are not regulated by the SFC.” See below for full statement.
“ Hong Kong SFC New Guidelines for Virtual Asset Trading Platform Operators to be Effective on 1st June 2023, Licensed Trading Platform Operators Allowed to Serve Retail Investors “
- Article continues below - Web links may be disabled on mobile for security. Please click on desktop. Quick Links, Ads & Announcements Caproasia Access | Events | Summits | Register Events | The Financial Centre The 2023 Investment Day | 2023 Family Office Summits | Family Office Circle New to Caproasia Sign Up | Subscribe | Register Events The 2023 Investment Day | 6/6 HK & 13/6 SG Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Taking place on 6th June 2023 in Hong Kong, 13th June 2023 in Singapore. Visit | Register here
Julia Leung Hong Kong SFC CEO: “Providing clear regulatory expectations is the key to fostering responsible development. Hong Kong’s comprehensive virtual assets regulatory framework follows the principle of ‘same business, same risks, same rules’ and aims to provide robust investor protection and manage key risks. This will enable the industry to develop sustainably and support innovation.”
Hong Kong SFC New Guidelines for Virtual Asset Trading Platform Operators to be Effective on 1st June 2023
Hong Kong, Asia’s leading financial centre SFC concludes consultation on regulation of virtual asset trading platforms
23 May 2023 – The Securities and Futures Commission (SFC) today released the Consultation Conclusions on the Proposed Regulatory Requirements for Virtual Asset Trading Platform Operators Licensed by the SFC (Note 1).
During the consultation period, the SFC received 152 written submissions from industry and professional associations, professional and consultancy firms, market participants, licensed corporations, individuals and other stakeholders. Respondents generally welcomed the proposed requirements, while a number of them sought clarifications. Taking into consideration the wide-ranging comments and suggestions provided by respondents, the SFC has modified or clarified some of the proposed requirements.
A significant majority of respondents agreed to our proposal to allow licensed trading platform operators to serve retail investors. The SFC will implement a number of robust measures to protect these investors including ensuring suitability in the onboarding process, good governance, enhanced token due diligence, admission criteria and disclosures.
The Guidelines for Virtual Asset Trading Platform Operators will become effective on 1 June 2023 (Note 2). The Guidelines set out, among others, safe custody of assets, segregation of client assets, avoidance of conflicts of interest and cybersecurity standards and requirements expected of licensed trading platforms. SFC will provide additional guidance on the new regulatory requirements, other implementation details including licence application procedures (Note 3), as well as more information about the transitional arrangements.
Operators of virtual asset trading platforms who are prepared to comply with the SFC’s standards are welcome to apply for a licence. Those who do not plan to do so should proceed to an orderly closure of their business in Hong Kong.
The SFC will continue its efforts with the Investor and Financial Education Council to warn investors about the risks of trading on unregulated platforms. In particular, despite the commencement of the regime on 1 June 2023, the SFC has yet to approve any virtual asset trading platform to provide services to retail investors and most virtual asset trading platforms currently accessible by the public are not regulated by the SFC.
Notes:
You are:
InvestorProfessionalFamily OfficeExecutive
Select:
TrialSubscriptionMembershipEvents
Interests / Events / Summits / Roundtables / Networking:
Professional InvestorPrivate WealthFamily OfficePrivate BankingWealth ManagementInvestmentsAlternativesPrivate MarketsCapital MarketsESG & SICEO & EntrepreneursTax, Legal & RisksHNW & UHNWs Insights
Your Name*
Company*
Job Title*
Email 1 (Work / Personal)*
Email 2 (Work / Personal)
Country
New to Caproasia Learn More | Sign Up | Subscribe | Register Events Caproasia Users - Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
- Professional Investor
- Family Office
- HNW Partnership
- Family Office Circle
- Family Office Networking
- Family Office Roundtable
- The Family Office Summit
- 28th March 2023 - Hong Kong
- 4th April 2023 - Singapore
- April 2023 - Virtual
- 6th June 2023 - Hong Kong
- 13th June 2023 - Singapore
- Sept 2023 - Hong Kong
- Oct 2023 - Singapore
- Oct 2023 - Hong Kong
- Visit: The Investment Day | Register: Click here
- The Investment Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
Owl Media Group takes pride in providing social-first platforms which equally benefit and facilitate engagement between businesses and consumers and creating much-needed balance to make conducting business, easier, safer, faster and better. The vision behind every platform in the Owl Media suite is to make lives better and foster a healthy environment in which parties can conduct business efficiently. Facilitating free and fair business relationships is crucial for any thriving economy and Owl Media bridges the gap and open doors for transparent and successful transacting. No advertising funds influence the functionality of our media platforms because we value authenticity and never compromise on quality no matter how lucrative the offers from advertisers may seem.