Hong Kong’s Securities and Futures Fee (SFC) issued a discover at the moment (Monday) urging digital asset traders to take a position solely by way of licensed exchanges. The discover got here earlier than the deadline of 29 February when all crypto exchanges in Hong Kong should receive or apply for a digital asset buying and selling platform (VATP) license.
The discover additional highlighted that if digital asset traders are “not sure in regards to the regulatory standing” of the change platform they’re utilizing, they need to verify the regulator’s listing of digital asset buying and selling platforms.
“Traders ought to verify whether or not a VATP is on the ‘Checklist of licensed digital asset buying and selling platforms’ or the ‘Checklist of digital asset buying and selling platform candidates’,” the SFC famous. “VATPs on the ‘Checklist of licensed digital asset buying and selling platforms’ are formally licensed by the SFC. VATPs on the ‘Checklist of digital asset buying and selling platform candidates’ embrace VATPs working in Hong Kong which have submitted license purposes to the SFC on or earlier than 29 February 2024.”
“Traders ought to verify the regulatory standing of a VATP every so often and in any occasion on 1 March 2024.”
The regulator additional highlighted that the crypto traders at present investing by way of unlicensed platforms should shut their accounts by 31 Could or switch their holdings to a licensed platform.
“The SFC, nevertheless, reminds the general public that the purposes submitted by candidates on the ‘Checklist of digital asset buying and selling platform candidates’ are nonetheless being processed, and so they might – or might not – be authorized; therefore, buying and selling on these platforms carries a danger,” the SFC added.
JPEX Fraud Pushing Laws
Final 12 months, the regulator in Hong Kong printed the names of all domestically licensed crypto platforms, together with the ones which have utilized for a license. The transfer to extend transparency got here after the regulator busted JPEX, a cryptocurrency falsely claiming to be awaiting a Hong Kong crypto license.
The SFC labeled JPEX a fraud that swindled many Hong Kong residents. Hong Kong police obtained complaints from greater than 1,600 traders involving HK$1.2 billion in crypto belongings. It was mentioned to be the most important crypto rip-off within the jurisdiction.
Hong Kong’s Securities and Futures Fee (SFC) issued a discover at the moment (Monday) urging digital asset traders to take a position solely by way of licensed exchanges. The discover got here earlier than the deadline of 29 February when all crypto exchanges in Hong Kong should receive or apply for a digital asset buying and selling platform (VATP) license.
The discover additional highlighted that if digital asset traders are “not sure in regards to the regulatory standing” of the change platform they’re utilizing, they need to verify the regulator’s listing of digital asset buying and selling platforms.
“Traders ought to verify whether or not a VATP is on the ‘Checklist of licensed digital asset buying and selling platforms’ or the ‘Checklist of digital asset buying and selling platform candidates’,” the SFC famous. “VATPs on the ‘Checklist of licensed digital asset buying and selling platforms’ are formally licensed by the SFC. VATPs on the ‘Checklist of digital asset buying and selling platform candidates’ embrace VATPs working in Hong Kong which have submitted license purposes to the SFC on or earlier than 29 February 2024.”
“Traders ought to verify the regulatory standing of a VATP every so often and in any occasion on 1 March 2024.”
The regulator additional highlighted that the crypto traders at present investing by way of unlicensed platforms should shut their accounts by 31 Could or switch their holdings to a licensed platform.
“The SFC, nevertheless, reminds the general public that the purposes submitted by candidates on the ‘Checklist of digital asset buying and selling platform candidates’ are nonetheless being processed, and so they might – or might not – be authorized; therefore, buying and selling on these platforms carries a danger,” the SFC added.
JPEX Fraud Pushing Laws
Final 12 months, the regulator in Hong Kong printed the names of all domestically licensed crypto platforms, together with the ones which have utilized for a license. The transfer to extend transparency got here after the regulator busted JPEX, a cryptocurrency falsely claiming to be awaiting a Hong Kong crypto license.
The SFC labeled JPEX a fraud that swindled many Hong Kong residents. Hong Kong police obtained complaints from greater than 1,600 traders involving HK$1.2 billion in crypto belongings. It was mentioned to be the most important crypto rip-off within the jurisdiction.
