Hong Kong’s Securities and Futures Fee (SFC) issued a discover at this time (Monday) urging digital asset buyers to speculate solely by 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 buyers are “not sure in regards to the regulatory standing” of the trade platform they’re utilizing, they need to test the regulator’s listing of digital asset buying and selling platforms.
“Buyers ought to test whether or not a VATP is on the ‘Checklist of licensed digital asset buying and selling platforms’ or the ‘Checklist of digital asset buying and selling platform candidates’,” the SFC famous. “VATPs on the ‘Checklist of licensed digital asset buying and selling platforms’ are formally licensed by the SFC. VATPs on the ‘Checklist 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.”
“Buyers ought to test the regulatory standing of a VATP once in a while and in any occasion on 1 March 2024.”
The regulator additional highlighted that the crypto buyers at present investing by unlicensed platforms should shut their accounts by 31 Could or switch their holdings to a licensed platform.
“The SFC, nonetheless, reminds the general public that the functions submitted by candidates on the ‘Checklist of digital asset buying and selling platform candidates’ are nonetheless being processed, and so they might – or might not – be permitted; therefore, buying and selling on these platforms carries a threat,” the SFC added.
JPEX Fraud Pushing Laws
Final yr, the regulator in Hong Kong printed the names of all regionally 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 buyers involving HK$1.2 billion in crypto property. It was mentioned 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 buyers to speculate solely by 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 buyers are “not sure in regards to the regulatory standing” of the trade platform they’re utilizing, they need to test the regulator’s listing of digital asset buying and selling platforms.
“Buyers ought to test whether or not a VATP is on the ‘Checklist of licensed digital asset buying and selling platforms’ or the ‘Checklist of digital asset buying and selling platform candidates’,” the SFC famous. “VATPs on the ‘Checklist of licensed digital asset buying and selling platforms’ are formally licensed by the SFC. VATPs on the ‘Checklist 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.”
“Buyers ought to test the regulatory standing of a VATP once in a while and in any occasion on 1 March 2024.”
The regulator additional highlighted that the crypto buyers at present investing by unlicensed platforms should shut their accounts by 31 Could or switch their holdings to a licensed platform.
“The SFC, nonetheless, reminds the general public that the functions submitted by candidates on the ‘Checklist of digital asset buying and selling platform candidates’ are nonetheless being processed, and so they might – or might not – be permitted; therefore, buying and selling on these platforms carries a threat,” the SFC added.
JPEX Fraud Pushing Laws
Final yr, the regulator in Hong Kong printed the names of all regionally 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 buyers involving HK$1.2 billion in crypto property. It was mentioned to be the biggest crypto rip-off within the jurisdiction.
