8 months ago
The region’s securities regulator has said that Hong Kong crypto investors indispensable lone usage oregon commercialized connected approved virtual plus trading platforms. The regulator urged crypto investors utilizing platforms not featured connected its 2 lists to adjacent accounts oregon transportation funds to licensed entities.
Verifying a Virtual Asset Trading Platform’s Regulatory Status
The Hong Kong Securities and Futures Commission (SFC) has reminded crypto investors successful the portion to lone usage oregon commercialized connected approved virtual plus trading platforms (VATP). In a statement released connected Feb. 5, 2024, the SFC emphasized the value of verifying a VATP’s regulatory presumption earlier engaging successful immoderate transactions.
The Hong Kong regulator’s latest informing came a fewer months aft it asked users to refrain from utilizing unlicensed operators. The SFC suggested astatine the clip that galore specified entities had nary realistic imaginable of getting the license.
Meanwhile, successful its latest warning, the SFC besides urged investors to wage peculiar attraction to the database connected which the VATPs are featured. According to the regulator, determination are 2 lists, 1 for licensed entities and different for those that applied for a license.
“VATPs connected the ‘List of licensed virtual plus trading platforms’ are formally licensed by the SFC. VATPs connected the ‘List of virtual plus trading level applicants’ see VATPs operating successful Hong Kong which person submitted licence applications to the SFC connected oregon earlier 29 February 2024,” the SFC clarified.
The regulator besides disclosed that Virtual Asset Service Providers (VATPs) failing to taxable their licence applications by Feb. 29 volition beryllium obliged to cease operations by May 31. On the different hand, the SFC urged crypto users utilizing VATPs which are not featured connected either database to adjacent accounts oregon see transferring their funds to licenced VATPs.
Concerning the licence submissions by entities connected the virtual plus trading level applicants list, the SFC said specified VATPs’ respective applications are inactive being processed hence “trading connected these platforms [still] carries a risk.” The regulator concluded its connection by urging users to debar trading connected unapproved VATPs due to the fact that they connection zero protection.
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