The Hong Kong Securities and Futures Commission issued a circular on the transitional arrangements for the licensing system of virtual asset trading platforms

2023-06-01 11:19:19

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ChainCatcher news, the Hong Kong Securities and Futures Commission (SFC) issued a circular yesterday regarding the transitional arrangements for a new licensing regime specifically for virtual asset trading platforms. The aim is to provide a reasonable amount of time for virtual asset trading platforms that were providing virtual asset services in Hong Kong before June 1, 2023, and are prepared to comply with the SFC's guidelines, to apply for licenses and review and revise their systems and monitoring measures to comply with applicable laws and regulatory requirements. Virtual asset trading platforms that do not intend to apply for a license should begin to wind down their operations in an orderly manner.

According to the circular, virtual asset trading platforms that were providing virtual asset services in Hong Kong before June 1, 2023, and have a meaningful and substantive business, may continue to provide virtual asset services in Hong Kong during the period from June 1, 2023, to May 31, 2024 (i.e., within the first 12 months from June 1, 2023), in accordance with the arrangements without violating the licensing requirements under the Anti-Money Laundering Ordinance. Virtual asset trading platforms must have been providing virtual asset services in Hong Kong before June 1, 2023, to be eligible for the transitional arrangements. (Source link)

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