The Hong Kong government maintains communication with the Hong Kong Securities and Futures Commission to encourage it to process virtual asset platform applications as soon as possible

Odaily Odaily News: The Hong Kong Securities and Futures Commission pointed out that it will strengthen advertising and continue to remind investors that they should only buy and sell virtual assets on platforms that are officially licensed by the Securities and Futures Commission. At the same time, the government will maintain close communication with the Securities and Futures Commission to allow the Securities and Futures Commission to process all platform applications as soon as possible, so that citizens and investors have more secure investment options. Looking ahead, Hong Kong will further improve the regulatory framework, including regulating virtual asset over-the-counter trading service providers, to build a stable ecosystem for the virtual asset industry and promote its responsible and sustainable development. The Hong Kong Securities and Futures Commission emphasized yesterday that although those virtual asset trading platforms that are deemed to be licensed have promised to strengthen their policies, procedures, systems and control measures to comply with the regulatory requirements of the Securities and Futures Commission, they still need to show the actual implementation and effectiveness of these measures to be satisfied by the Hong Kong Securities and Futures Commission. Before these platforms are officially licensed, the Securities and Futures Commission does not expect them to actively promote their services or establish business relationships with new retail customers. (Wen Wei Po) Yesterday, the Hong Kong Securities and Futures Commission issued a statement on the end of the non-violation period of virtual asset trading platforms. The SFC reminds the public that the non-violation period applicable to virtual asset trading platforms operating in Hong Kong under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (AMLO) will end on 1 June 2024. All virtual asset trading platforms operating in Hong Kong must be licensed by the SFC under the AMLO or be a virtual asset trading platform applicant that is "deemed to be licensed". Operating a virtual asset trading platform in Hong Kong in violation of the AMLO is a criminal offence and the SFC will take all appropriate actions against any violation.