Hong Kong SFC Notifies Investors to Check Regulatory Status of Virtual Asset Trading Platforms Operating in Hong Kong from 1st March 2024 after Closur
6th March 2024 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has issued a notification to investors to check the regulatory status of virtual asset trading platforms (VATPs) operating in Hong Kong from 1st March 2024 after the closure of application deadline (29/2/24). Virtual asset trading platforms (VATPs) without licence applications must close businesses in Hong Kong by 31st May 2024. Currently only 2 platforms OSL digital securities and Hash blockchain are listed on the Hong Kong SFC website. Hong Kong SFC: “The Securities and Futures Commission (SFC) reminds industry participants and investors that the deadline of 29 February 2024 has passed for virtual asset trading platforms (VATPs) to submit licence applications to the SFC in order to continue operating in Hong Kong on or after 1 June 2024. As a result, VATPs that are operating in Hong Kong but did not submit licence applications to the SFC by the 29 February 2024 deadline must close down their businesses in Hong Kong by 31 May 2024, pursuant to the transitional arrangements (Note 1). These VATPs must obtain the requisite SFC licence in order to resume their business activities in Hong Kong, or actively market their virtual asset services to Hong Kong investors. It is a criminal offence to carry on any unlicensed activity. At the same time, investors are urged to check the regulatory status of VATPs on the Lists of virtual asset trading platforms on the SFC’s website. Investors dealing with VATPs operating in Hong Kong which are not on the “List of licensed virtual asset trading platforms” or on the “List of virtual asset trading platform applicants” are urged to close their accounts with these VATPs or transfer to SFC-licensed VATPs for trading virtual assets. The SFC, however, reminds the public that the applications submitted by applicants on the “List of virtual asset trading platform applicants” are still being processed and they may – or may not – be approved. Hence, trading on these platforms carries a risk (Note 2). That being the case, the SFC strongly urges investors to trade virtual assets only on SFC-licensed VATPs because they may leave themselves unprotected by trading on unlicensed platforms.”
“ Hong Kong SFC Notifies Investors to Check Regulatory Status of Virtual Asset Trading Platforms Operating in Hong Kong from 1st March 2024 after Closure of Application Deadline on 29th February 2024, Platforms Without Licence Applications Must Close Businesses in Hong Kong by 31st May 2024, Platforms OSL Digital Securities & Hash Blockchain Listed as Approved Platforms “
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Hong Kong SFC Notifies Investors to Check Regulatory Status of Virtual Asset Trading Platforms Operating in Hong Kong from 1st March 2024, Platforms Without Licence Applications by 29th February 2024 Must Close Businesses in Hong Kong by 31st May 2024, Currently Only 2 Platforms OSL Digital Securities & Hash Blockchain Listed
7th February 2024 – The Hong Kong Securities & Futures Commission (SFC) has notified investors to check the regulatory status of virtual asset trading platforms (VATPs) operating in Hong Kong from 1st March 2024, and platforms without licence applications (by 29/2/24) must close businesses in Hong Kong by 31st May 2024. Currently only 2 platforms OSL digital securities and Hash blockchain are listed on the Hong Kong SFC website. Hong Kong SFC: “The Securities and Futures Commission (SFC) wishes to remind investors to trade virtual assets only on SFC-licensed virtual asset trading platforms (VATPs). If they are not certain about the regulatory status of the VATP they are currently dealing with, they can check the SFC’s Lists of virtual asset trading platforms. In particular, investors should check whether a VATP is on the “List of licensed virtual asset trading platforms” or on the “List of virtual asset trading platform applicants”. VATPs on the “List of licensed virtual asset trading platforms” are formally licensed by the SFC. VATPs on the “List of virtual asset trading platform applicants” include VATPs operating in Hong Kong which have submitted licence applications to the SFC on or before 29 February 2024. Investors should check the regulatory status of a VATP from time to time and in any event on 1 March 2024. This is because VATPs operating in Hong Kong which have not submitted their licence applications to the SFC by 29 February 2024 MUST close down their businesses in Hong Kong by 31 May 2024 pursuant to the transitional arrangements under the SFC’s regulatory regime for VATPs (Notes 1 and 2). For investors dealing with VATPs operating in Hong Kong which are NOT on the “List of licensed virtual asset trading platforms” or on the “List of virtual asset trading platform applicants” (Note 3), they are urged to make preparations early, before 31 May 2024, such as by closing their accounts with these VATPs or transferring to SFC-licensed VATPs for trading virtual assets.
Hong Kong SFC Notifies Investors to Check Regulatory Status of Virtual Asset Trading Platforms Operating in Hong Kong from 1st March 2024 Hong Kong, Asia’s leading financial centre
5th February 2024 – The Securities and Futures Commission (SFC) wishes to remind investors to trade virtual assets only on SFC-licensed virtual asset trading platforms (VATPs). If they are not certain about the regulatory status of the VATP they are currently dealing with, they can check the SFC’s Lists of virtual asset trading platforms.
In particular, investors should check whether a VATP is on the “List of licensed virtual asset trading platforms” or on the “List of virtual asset trading platform applicants”. VATPs on the “List of licensed virtual asset trading platforms” are formally licensed by the SFC. VATPs on the “List of virtual asset trading platform applicants” include VATPs operating in Hong Kong which have submitted licence applications to the SFC on or before 29 February 2024.
Investors should check the regulatory status of a VATP from time to time and in any event on 1 March 2024. This is because VATPs operating in Hong Kong which have not submitted their licence applications to the SFC by 29 February 2024 MUST close down their businesses in Hong Kong by 31 May 2024 pursuant to the transitional arrangements under the SFC’s regulatory regime for VATPs (Notes 1 and 2).
For investors dealing with VATPs operating in Hong Kong which are NOT on the “List of licensed virtual asset trading platforms” or on the “List of virtual asset trading platform applicants” (Note 3), they are urged to make preparations early, before 31 May 2024, such as by closing their accounts with these VATPs or transferring to SFC-licensed VATPs for trading virtual assets.
The SFC, however, reminds the public that the applications submitted by applicants on the “List of virtual asset trading platform applicants” are still being processed and they may – or may not – be approved; hence, trading on these platforms carries a risk (Note
3). Last but not least, the SFC strongly urges investors to trade virtual assets ONLY on SFC-licensed VATPs because they may leave themselves unprotected by trading on unlicensed platforms.
Notes:
Hong Kong SFC Released Lists of Virtual Asset Trading Platforms with 2 Licensed Trading Platforms OSL Digital Securities & Hash Blockchain, 4 Submitted Application & 6 Listed as Suspicious
30th September 2023 – The Hong Kong Securities & Futures Commission (SFC) has released the lists of Virtual Asset Trading Platforms (VATPs) with 2 licensed trading platforms OSL Digital Securities & Hash Blockchain, 4 submitted application and 6 virtual platforms listed as suspicious. Hong Kong SFC: “The SFC also issued today a dedicated list of suspicious VATPs on its website to help investors more easily identify suspicious VATPs doing business in Hong Kong and enhance awareness. In particular, investors are reminded that all entities on the List of VATP applicants are not licensed by the SFC and may not be compliant with the SFC’s requirements (Note 5). This list is issued to facilitate the public’s determination of whether a VATP has misrepresented its licence application status (eg, claiming that it has applied for a licence when in fact it has not). VATPs planning to apply for a licence with the SFC are reminded to submit fully completed applications with all the necessary information and documents, including external assessment reports. Substandard applications would be returned by the SFC and the name of the relevant VATP applicant would be removed from the List of VATP applicants and added to the List of removed VATP applicants (Note 6).” View the Virtual Asset Trading Platforms lists | More info below:
Hong Kong SFC Released Lists of Virtual Asset Trading Platforms with 2 Licensed Trading Platforms OSL Digital Securities & Hash Blockchain Hong Kong, Asia’s leading financial centre
29th September 2023 – The Securities and Futures Commission (SFC) published today several lists of virtual asset trading platforms (VATPs) on its website as part of its efforts to disseminate information on VATPs in a clear, transparent and timely manner.
These lists include (Note 1):
The SFC also issued today a dedicated list of suspicious VATPs on its website to help investors more easily identify suspicious VATPs doing business in Hong Kong and enhance awareness. In particular, investors are reminded that all entities on the List of VATP applicants are not licensed by the SFC and may not be compliant with the SFC’s requirements (Note 5). This list is issued to facilitate the public’s determination of whether a VATP has misrepresented its licence application status (eg, claiming that it has applied for a licence when in fact it has not). VATPs planning to apply for a licence with the SFC are reminded to submit fully completed applications with all the necessary information and documents, including external assessment reports. Substandard applications would be returned by the SFC and the name of the relevant VATP applicant would be removed from the List of VATP applicants and added to the List of removed VATP applicants (Note 6).
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