Hong Kong’s Securities and Futures Fee (SFC) has
launched new rules for digital asset buying and selling platforms (VATPs), which
turned efficient on June 1. Beneath these rules, VATPs working in or
advertising and marketing to Hong Kong traders have to be licensed by the SFC or qualify as
“deemed-to-be-licensed VATP candidates.” The purpose of those rules
is to reinforce investor safety and market integrity.
The brand new guidelines require complete purposes that
embrace administration expertise, business {qualifications}, and exterior
attestations. In addition they set particular standards for token admission, anti-money
laundering necessities, and prohibitions on proprietary buying and selling.
Platforms should even have enough insurance coverage or compensation preparations to
cowl custodial dangers.
As of the June 1 deadline, solely two VATPs have been licensed
by the SFC: OSL Digital Securities Ltd. and Hash Blockchain Ltd. The SFC has printed an inventory of 17 pending candidates for
VATP licenses.
The regulator emphasizes that these candidates usually are not but
licensed and will not meet regulatory requirements. Buyers are suggested to confirm
licenses and train warning with unlicensed or provisionally licensed
platforms, which may very well be shut down if not authorised.
🇭🇰 Hong Kong Reveals 17 Crypto Buying and selling Platform Candidates as New Laws Take Impact
Hong Kong’s Securities and Futures Fee (SFC) has printed an inventory of two licensed crypto buying and selling platforms and 17 pending candidates below the brand new rules that went into impact…
— SmartViewAI.Com (@smartviewai) June 3, 2024
Pending Crypto License Purposes
The pending candidates for VATP licenses embrace Hong Kong
BGE Ltd., Hong Kong Digital Asset EX Ltd., and Hong Kong Digital Asset Alternate
Ltd. Different corporations on the listing are Victory Fintech Firm Ltd., Panthertrade Ltd., and Accumulus GBA Know-how Co. Ltd.
Further candidates are DFX Labs Firm Ltd., Newbx
Restricted, and Thousand Whales Know-how Ltd. Highblock Ltd., YAX Ltd., and Bullish Ltd. are additionally searching for licenses.
Additional, Foris DAX HK Ltd., Whalefin Markets Ltd., and
Flying Hippo Applied sciences Ltd. are on the listing. Lastly, hi5 Ltd.
and Bitcoin World Know-how Ltd. spherical out the group of pending candidates.
The SFC
stresses that working a VATP and not using a license is a felony offense. It has
dedicated to taking applicable actions towards any authorized breaches. In response
to the brand new regulatory framework, a number of crypto exchanges, together with
OKX and Gate.hk, have introduced that they may stop operations in Hong
Kong.
Hong Kong’s Securities and Futures Fee (SFC) has
launched new rules for digital asset buying and selling platforms (VATPs), which
turned efficient on June 1. Beneath these rules, VATPs working in or
advertising and marketing to Hong Kong traders have to be licensed by the SFC or qualify as
“deemed-to-be-licensed VATP candidates.” The purpose of those rules
is to reinforce investor safety and market integrity.
The brand new guidelines require complete purposes that
embrace administration expertise, business {qualifications}, and exterior
attestations. In addition they set particular standards for token admission, anti-money
laundering necessities, and prohibitions on proprietary buying and selling.
Platforms should even have enough insurance coverage or compensation preparations to
cowl custodial dangers.
As of the June 1 deadline, solely two VATPs have been licensed
by the SFC: OSL Digital Securities Ltd. and Hash Blockchain Ltd. The SFC has printed an inventory of 17 pending candidates for
VATP licenses.
The regulator emphasizes that these candidates usually are not but
licensed and will not meet regulatory requirements. Buyers are suggested to confirm
licenses and train warning with unlicensed or provisionally licensed
platforms, which may very well be shut down if not authorised.
🇭🇰 Hong Kong Reveals 17 Crypto Buying and selling Platform Candidates as New Laws Take Impact
Hong Kong’s Securities and Futures Fee (SFC) has printed an inventory of two licensed crypto buying and selling platforms and 17 pending candidates below the brand new rules that went into impact…
— SmartViewAI.Com (@smartviewai) June 3, 2024
Pending Crypto License Purposes
The pending candidates for VATP licenses embrace Hong Kong
BGE Ltd., Hong Kong Digital Asset EX Ltd., and Hong Kong Digital Asset Alternate
Ltd. Different corporations on the listing are Victory Fintech Firm Ltd., Panthertrade Ltd., and Accumulus GBA Know-how Co. Ltd.
Further candidates are DFX Labs Firm Ltd., Newbx
Restricted, and Thousand Whales Know-how Ltd. Highblock Ltd., YAX Ltd., and Bullish Ltd. are additionally searching for licenses.
Additional, Foris DAX HK Ltd., Whalefin Markets Ltd., and
Flying Hippo Applied sciences Ltd. are on the listing. Lastly, hi5 Ltd.
and Bitcoin World Know-how Ltd. spherical out the group of pending candidates.
The SFC
stresses that working a VATP and not using a license is a felony offense. It has
dedicated to taking applicable actions towards any authorized breaches. In response
to the brand new regulatory framework, a number of crypto exchanges, together with
OKX and Gate.hk, have introduced that they may stop operations in Hong
Kong.
