Check platform licenses before deadline

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Hong Kong’s Securities and Futures Fee mandates crypto buying and selling platforms to use for licenses by Feb. 29 or to close down their companies by Could 31.

In a notice issued on Feb. 5, the transfer goals to safeguard buyers, urging them to confirm the regulatory standing of the platforms they use towards the SFC’s published lists of licensed and applicant digital asset buying and selling platforms.

The SFC’s advisory encourages buyers engaged with unlisted platforms to promptly take essential actions, together with account closure, to keep away from potential dangers. This directive follows the start of Hong Kong’s crypto licensing regime in June 2023, which has already authorised licenses for 2 platforms, HashKey and OSL, enabling them to supply retail buying and selling companies.

The SFC evaluates purposes from 14 crypto companies, together with notable names like OKX and Bybit. HKVAEX, related to Binance, has additionally utilized for a license per the latest updates.

This regulatory scrutiny aligns with the federal government’s broader technique to control the crypto market, as Christopher Hui, Secretary for Monetary Companies and the Treasury, who highlighted upcoming consultations on a regulatory framework for over-the-counter crypto buying and selling amidst rising dangers.

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