Hong Kong’s Securities and Futures Commission (SFC) has issued an official notice mandating all cryptocurrency exchanges to submit certification applications for virtual asset trading platforms (VATPs). The deadline set for completing this work is February 29, 2024. Failure to adhere to this date will result in the facility being closed until May 31st.
The notice was published on February 5 and continues to position Hong Kong as a potential cryptocurrency space. We enforce penalties for offenses that may be related to this sector. Regulators have pledged to increase awareness of cryptocurrency and investment scams to protect investors.
So far with OSL hashish exchange There are only two Hong Kong cryptocurrency exchanges approved to serve retail investors. Applications are being processed for the 14 companies that have submitted license applications. If an exchange is found to be operating without a valid license or in violation of the law, it may be liquidated.
The SFC emphasized that all investors should check whether the platform they are utilizing has submitted an application for VATP certification. Exchanges that neglect to submit certification applications will be required to close their accounts or convert to SFC-certified VATP before May 31, 2024.
The regulator has issued a stern notice to investors utilizing unauthorized platforms warning them that their application does not constitute consent and therefore they do so at their own risk. For your own benefit, we recommend that you engage in virtual asset trading on SFC certified VATP.
The warning comes in light of the fact that 12 other platforms, including cryptocurrency exchange JPEX, are under investigation in Hong Kong.