The Hong Kong SFC will conduct on-site office inspections of cryptocurrency platforms applying for licenses

2024-05-29 18:39:00

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ChainCatcher news, the Hong Kong Securities and Futures Commission (SFC) recently announced that it will conduct on-site office inspections of cryptocurrency platforms applying for licenses.

The regulator emphasized that the 18 applicants "deemed to have obtained a license" will be required to undergo inspections to obtain approval for their applications. These inspections will take place in the coming months, during which the deemed licensed VATP applicants will submit their applications. The on-site inspections will focus on the cryptocurrency platforms' protection of customer assets and Know Your Customer (KYC) processes to determine whether the companies meet the SFC's regulatory requirements.

The regulator also reminded applicants that during the application process, they must comply with all regulatory requirements and licensing conditions set by the SFC. These conditions include prohibiting residents of mainland China from accessing the platform's virtual asset-related services, marketing their services, or attracting retail users.

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