Hong Kong urges cryptocurrency investors to check platform status as licensing deadline approaches
Hong Kong’s top financial regulator has reiterated the deadline for cryptocurrency trading platforms to submit license applications, urging investors to check the regulations. situation March 1st.
The Securities and Futures Commission announced today (1st). To find out Investors must trade only on licensed trading platforms. Regulators have required all cryptocurrency trading platforms in Hong Kong to submit license applications by February 29. Otherwise, businesses in those areas will have to close by May 31.
The SFC advised investors to take prompt action when trading on platforms that are not listed in the ‘Virtual Asset Trading Platform Applicant List’ or the ‘Virtual Asset Trading Platform Applicant List’. Regulators urged these investors to “prepare early,” including closing their accounts.
In June 2023, Hong Kong officially launched a cryptocurrency licensing regime for virtual asset trading platforms, allowing licensed exchanges to provide retail trading services. Hong Kong has granted these licenses to two platforms: HashKey and OSL.
SFC is According to the regulator’s website, it is formally reviewing applications from 14 cryptocurrency companies, including OKX and Bybit. Cryptocurrency platform HKVAEX According to reports According to SFC’s applicant list, it applied for the same license on January 4 in conjunction with Binance.
The guidance is part of the regulator’s broader efforts to crack down on unregulated trading platforms. Last week, Financial Services and Finance Minister Christopher Hui wrote on his blog: post local government will do Post your consultation soon We discuss the proposed regulatory framework for over-the-counter cryptocurrency trading platforms as risks increase.
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