Key Points:
This circular provides a reasonable amount of time for them to apply for permits and to review and modify their systems and controls. Comply with applicable legal and regulatory requirements. Virtual asset trading platforms that do not intend to apply for a license should proceed to close their business in an orderly manner.
Virtual asset trading platforms that provide virtual asset services in Hong Kong and have substantive and meaningful business before June 1, 2023, can be used between June 1, 2023 to May 31, 2024.
Please continue to provide virtual assets services in Hong Kong under a no-frills agreement without violating the licensing requirements under the Anti-Money Laundering Ordinance. To be eligible for the forward agreement, virtual asset trading platforms must provide virtual asset services in Hong Kong by June 1, 2023.
Factors that SFC will consider when assessing whether VATP was operating and conducting genuine business with an actual presence in Hong Kong prior to June 1, 2023, include:
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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