Starting from June 1, the department will begin on-site inspections. Hong Kong's financial regulator reminded that by this date all virtual asset trading platforms (VATPs) must either be licensed by the SFC or “be considered provisionally licensed while applications are reviewed by the regulator.”
Operating a VATP without an SFC license will be considered a “criminal offense and a violation of anti-money laundering and anti-terrorist financing laws.”
During the review, the SFC intends to pay attention to compliance with the requirements to prohibit residents of mainland China from accessing any services related to virtual assets.
At the beginning of the year, the Hong Kong Securities and Futures Commission introduced a mandatory requirement for all cryptocurrency exchanges to provide 50% insurance coverage for user deposits.
Source: Bits
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