Hong Kong’s Securities and Futures Fee (SFC) issued a discover at this time (Monday) urging digital asset traders to speculate solely by means of licensed exchanges. The discover got here earlier than the deadline of 29 February when all crypto exchanges in Hong Kong should acquire or apply for a digital asset buying and selling platform (VATP) license.
The discover additional highlighted that if digital asset traders are “not sure in regards to the regulatory standing” of the trade platform they’re utilizing, they need to examine the regulator’s checklist of digital asset buying and selling platforms.
“Traders ought to examine whether or not a VATP is on the ‘Listing of licensed digital asset buying and selling platforms’ or the ‘Listing of digital asset buying and selling platform candidates’,” the SFC famous. “VATPs on the ‘Listing of licensed digital asset buying and selling platforms’ are formally licensed by the SFC. VATPs on the ‘Listing of digital asset buying and selling platform candidates’ embody VATPs working in Hong Kong which have submitted license functions to the SFC on or earlier than 29 February 2024.”
“Traders ought to examine the regulatory standing of a VATP occasionally and in any occasion on 1 March 2024.”
The regulator additional highlighted that the crypto traders at present investing by means of unlicensed platforms should shut their accounts by 31 Could or switch their holdings to a licensed platform.
“The SFC, nevertheless, reminds the general public that the functions submitted by candidates on the ‘Listing of digital asset buying and selling platform candidates’ are nonetheless being processed, they usually might – or might not – be authorized; therefore, buying and selling on these platforms carries a danger,” the SFC added.
JPEX Fraud Pushing Rules
Final yr, the regulator in Hong Kong revealed the names of all domestically licensed crypto platforms, together with the ones which have utilized for a license. The transfer to extend transparency got here after the regulator busted JPEX, a cryptocurrency falsely claiming to be awaiting a Hong Kong crypto license.
The SFC labeled JPEX a fraud that swindled many Hong Kong residents. Hong Kong police acquired complaints from greater than 1,600 traders involving HK$1.2 billion in crypto belongings. It was stated to be the biggest crypto rip-off within the jurisdiction.
Hong Kong’s Securities and Futures Fee (SFC) issued a discover at this time (Monday) urging digital asset traders to speculate solely by means of licensed exchanges. The discover got here earlier than the deadline of 29 February when all crypto exchanges in Hong Kong should acquire or apply for a digital asset buying and selling platform (VATP) license.
The discover additional highlighted that if digital asset traders are “not sure in regards to the regulatory standing” of the trade platform they’re utilizing, they need to examine the regulator’s checklist of digital asset buying and selling platforms.
“Traders ought to examine whether or not a VATP is on the ‘Listing of licensed digital asset buying and selling platforms’ or the ‘Listing of digital asset buying and selling platform candidates’,” the SFC famous. “VATPs on the ‘Listing of licensed digital asset buying and selling platforms’ are formally licensed by the SFC. VATPs on the ‘Listing of digital asset buying and selling platform candidates’ embody VATPs working in Hong Kong which have submitted license functions to the SFC on or earlier than 29 February 2024.”
“Traders ought to examine the regulatory standing of a VATP occasionally and in any occasion on 1 March 2024.”
The regulator additional highlighted that the crypto traders at present investing by means of unlicensed platforms should shut their accounts by 31 Could or switch their holdings to a licensed platform.
“The SFC, nevertheless, reminds the general public that the functions submitted by candidates on the ‘Listing of digital asset buying and selling platform candidates’ are nonetheless being processed, they usually might – or might not – be authorized; therefore, buying and selling on these platforms carries a danger,” the SFC added.
JPEX Fraud Pushing Rules
Final yr, the regulator in Hong Kong revealed the names of all domestically licensed crypto platforms, together with the ones which have utilized for a license. The transfer to extend transparency got here after the regulator busted JPEX, a cryptocurrency falsely claiming to be awaiting a Hong Kong crypto license.
The SFC labeled JPEX a fraud that swindled many Hong Kong residents. Hong Kong police acquired complaints from greater than 1,600 traders involving HK$1.2 billion in crypto belongings. It was stated to be the biggest crypto rip-off within the jurisdiction.
