ChainCatcher news, the Hong Kong Securities and Futures Commission held a briefing for applicants of virtual asset trading platforms on June 12, 2024. More than 60 participants attended, including representatives and advisors of applicants considered for licensing.Dr. Yip Chi-hang, Executive Director of the Intermediaries Division of the Securities and Futures Commission, and Ms. Wong Lok-yan, Director of the Licensing Division and Head of the Fintech Group, outlined the competencies that these applicants should possess and explained the licensing application process as well as introduced their on-site inspection procedures.

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.

ChainCatcher news, according to CoinDesk, Hong Kong asset management company VSFG and Value Partners have applied to the Hong Kong Securities and Futures Commission (SFC) for a Bitcoin spot ETF.

ChainCatcher news, Hong Kong Legislative Council member and National Committee member Wu Jiezhuang tweeted that he has contacted Coinbase to specifically understand the opportunities for Coinbase's development in Hong Kong, and further updates will be communicated.Wu Jiezhuang previously stated that he welcomes global virtual asset exchanges, including Coinbase, to apply for compliant trading platforms in Hong Kong and discuss listing plans, and he is willing to provide assistance. (Source link)

ChainCatcher news, the Hong Kong Special Administrative Region Government's Invest Hong Kong has announced that the Securities and Futures Commission (SFC) will officially implement a new licensing regime for virtual asset service providers on June 1. However, a transition period will be provided for virtual asset trading platforms that are already operating in Hong Kong.For those platforms that have been operating in Hong Kong and have meaningful and substantive business transactions before June 1, 2023, including operators of licensed platforms under the Securities and Futures Ordinance and applicants for virtual asset trading platforms conducting business with non-security tokens under the Securities and Futures Ordinance, they are eligible to participate in the transition arrangements. They must also meet the conditions listed in Schedule 3G of the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 to continue operating in Hong Kong from June 1, 2023, to May 31, 2024, and will be subject to the licensing regime for virtual asset service providers starting from June 1, 2024.Companies planning to provide virtual asset services in Hong Kong after June 1, 2023, must apply to the SFC for a license in advance. Once the licensing regime for virtual asset service providers is officially implemented, the SFC will regulate securities-type token exchanges conducted by virtual asset exchanges under the Securities and Futures Ordinance, and will also regulate non-securities-type token exchanges conducted by virtual asset exchanges under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022. (Source link)

ChainCatcher news, the acting head of the Intermediaries Division of the Hong Kong Securities and Futures Commission, Choi Chung-fai, stated today at the "2023 Hong Kong Web3 Carnival" that DeFi projects need to be regulated by the SFC, and automated trading services also fall under SFC regulation. Decentralized exchanges that involve virtual assets also need to apply for a license. Some DeFi protocols are nominally decentralized, but in reality, a small number of developers hold a large amount of governance tokens, and it is necessary to analyze their substance rather than just their superficial claims. (Source link)

ChainCatcher news, according to the South China Morning Post, the FTX creditor list includes over 50 Hong Kong institutions, including local regulatory bodies such as the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), but it is currently unclear whether FTX owes any liabilities to these institutions.The Securities and Futures Commission has not yet responded to requests for comment, but a spokesperson for the Hong Kong Monetary Authority stated, "We have noted this matter. This list was compiled by a U.S. financial consulting firm and contains thousands of names, including many regulatory bodies from various jurisdictions. We cannot comment on the reasons for including the Hong Kong Monetary Authority on the list." In November 2022, HKMA Chief Executive Eddie Yue stated during a presentation on the performance of the government's Exchange Fund that the fund has not invested in cryptocurrencies. (source link)