Crypto Updates

2 Platforms Licensed, 17 Await Approval


Hong Kong’s Securities and Futures Commission (SFC) has
introduced new regulations for virtual asset trading platforms (VATPs), which
became effective on June 1. Under these regulations, VATPs operating in or
marketing to Hong Kong investors must be licensed by the SFC or qualify as
“deemed-to-be-licensed VATP applicants.” The aim of these regulations
is to enhance investor protection and market integrity.

The new rules require comprehensive applications that
include management experience, industry qualifications, and external
attestations. They also set specific criteria for token admission, anti-money
laundering requirements, and prohibitions on proprietary trading.
Platforms must also have adequate insurance or compensation arrangements to
cover custodial risks.

As of the June 1 deadline, only two VATPs have been licensed
by the SFC: OSL Digital Securities Ltd. and Hash Blockchain Ltd. The SFC has published a list of 17 pending applicants for
VATP licenses.

The regulator emphasizes that these applicants are not yet
licensed and may not meet regulatory standards. Investors are advised to verify
licenses and exercise caution with unlicensed or provisionally licensed
platforms, which could be shut down if not approved.

Pending Crypto License Applications

The pending applicants for VATP licenses include Hong Kong
BGE Ltd., Hong Kong Digital Asset EX Ltd., and Hong Kong Virtual Asset Exchange
Ltd. Other…

Click Here to Read the Full Original Article at CryptoCurrency – Finance Magnates | Financial and business news…