8 months ago
Hong Kong’s Securities and Futures Commission (SFC) told unregistered Virtual Asset Trading Platforms (VATPs) wrong its portion to taxable their licensing applications by Feb. 29 oregon adjacent their businesses by May 31, according to a Feb. 5 notice.
The fiscal regulatory authorization reaffirmed this deadline for cryptocurrency trading firms portion advising investors to prosecute with licensed platforms successful the region. As outlined by the SFC, crypto traders tin verify the regulatory lasting of these platforms by March 1 via its “List of licensed virtual plus trading platforms” oregon connected the “List of virtual plus trading level applicants.”
“Investors should cheque the regulatory presumption of a VATP from clip to clip and successful immoderate lawsuit connected 1 March 2024. This is due to the fact that VATPs operating successful Hong Kong which person not submitted their licence applications to the SFC by 29 February 2024 MUST adjacent down their businesses successful Hong Kong by 31 May 2024 pursuant to the transitional arrangements nether the SFC’s regulatory authorities for VATPs,” SFC added.
Last year, Hong Kong initiated its cryptocurrency licensing framework for virtual plus trading platforms, paving the mode for licensed exchanges to supply retail trading services. Notably, the city-state has licensed 2 platforms, including HashKey and OSL.
Meanwhile, the regulatory authorization diligently scrutinizes applications from 14 crypto entities, including OKX, Bybit, and HKVAEX. The SFC emphasized that the exertion process does not warrant approval, cautioning investors to workout prudence erstwhile engaging with these platforms.
These initiatives bespeak Hong Kong’s committedness to fostering a pro-crypto environment. Recently, the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) unveiled a comprehensive regulatory model for stablecoins. Additionally, authorities person expressed preparedness for spot Bitcoin exchange-traded money (ETF) products, further solidifying Hong Kong’s stance successful the evolving crypto landscape.
The station Hong Kong sets deadline for crypto speech licensing applications oregon look shutdown appeared archetypal connected CryptoSlate.
English (US) 