the Securities and Futures Commission Archives - Coin Engineer https://coinengineer.net/blog/tag/the-securities-and-futures-commission/ Btc, Coins, Pre-Sale, DeFi, NFT Thu, 29 Feb 2024 16:47:57 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://coinengineer.net/blog/wp-content/uploads/2024/04/cropped-Coin-Engineer-Logo-Favicon-2-32x32.png the Securities and Futures Commission Archives - Coin Engineer https://coinengineer.net/blog/tag/the-securities-and-futures-commission/ 32 32 Hong Kong Halts Exchange License Applications; Noncompliant Platforms Face Closure https://coinengineer.net/blog/hong-kong-halts-exchange-license-applications-noncompliant-platforms-face-closure/ https://coinengineer.net/blog/hong-kong-halts-exchange-license-applications-noncompliant-platforms-face-closure/#respond Thu, 29 Feb 2024 18:15:12 +0000 https://coinengineer.io/blog/?p=13841 Hong Kong has concluded its drive for crypto exchange license applications. As of February 29, all exchanges and trading platforms failing to submit applications to the regulator must cease operations in Hong Kong by May 31. The Securities and Futures Commission (SFC) of Hong Kong has ceased the acceptance of license applications from crypto exchanges

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]]> Hong Kong has concluded its drive for crypto exchange license applications. As of February 29, all exchanges and trading platforms failing to submit applications to the regulator must cease operations in Hong Kong by May 31.
The Securities and Futures Commission (SFC) of Hong Kong has ceased the acceptance of license applications from crypto exchanges as of February 29. It will soon mandate the closure of all non-compliant trading platforms operating locally.
The SFC stipulated that all crypto exchanges in Hong Kong without license applications must cease operations by May 31, 2024.
Additionally, the SFC advised investors utilizing virtual asset trading platforms to prepare early and transition to licensed or applying entities.
OSL Digital Securities and HashKey Exchange are the two crypto trading operators formally licensed in Hong Kong on December 15, 2020, and November 9, 2022, respectively. The regulator received applications from 22 crypto trading platforms, including four under the SFC’s previous opt-in regime.
Furthermore, four other exchanges—Huobi HK, Meex, BitHarbour, and Ammbr—initially applied for licenses but later withdrew or had their applications returned. The SFC will maintain a public list of crypto platforms mandated by law to cease operations to inform citizens of associated risks.

During the closure period, Hong Kong will restrict the operational capacity of exchanges and enforce the cessation of marketing activities in the region. The SFC will release a list of licensed crypto exchanges as of June 1, 2024, though it does not guarantee license procurement for all mentioned entities.

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]]> https://coinengineer.net/blog/hong-kong-halts-exchange-license-applications-noncompliant-platforms-face-closure/feed/ 0 Hong Kong Regulator Issues Reminder for Crypto Platforms! https://coinengineer.net/blog/hong-kong-regulator-issues-reminder-for-crypto-platforms/ https://coinengineer.net/blog/hong-kong-regulator-issues-reminder-for-crypto-platforms/#respond Mon, 05 Feb 2024 16:12:58 +0000 https://coinengineer.io/blog/?p=11094 Hong Kong ‘s top financial regulator has urged investors to check the regulatory status of crypto trading platforms on March 1, reiterating the deadline for crypto trading platforms to submit their license applications. You might like: Spain’s Solution for Tax Debts: Digital Currency! In a statement today, the Securities and Futures Commission (SFC) reminded investors that

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]]> Hong Kong ‘s top financial regulator has urged investors to check the regulatory status of crypto trading platforms on March 1, reiterating the deadline for crypto trading platforms to submit their license applications.

You might like: Spain’s Solution for Tax Debts: Digital Currency!

In a statement today, the Securities and Futures Commission (SFC) reminded investors that they should only trade on licensed trading platforms. The regulator announced that all crypto trading platforms in Hong Kong must submit their license applications by February 29 or cease their operations in the region by May 31.

The commission advised investors to act quickly if they are trading on platforms that are not on the “list of licensed virtual asset trading platforms” or the “list of virtual asset trading platform applications.” The regulator urged these investors to take steps such as closing their accounts to “make early preparations.”

In June 2023, Hong Kong officially launched its licensing regime for virtual asset trading platforms, allowing licensed exchanges to offer retail trading services. Two platforms, HashKey and OSL, have received such licenses in Hong Kong. The commission is currently reviewing applications from 14 crypto firms, including OKX and Bybit, according to the regulator’s official website. According to the commission’s application list, HKVAEX, a crypto platform associated with Binance, applied for the same license on January 4.

This advisory is part of a broader effort to regulate crypto trading platforms. Also, Financial Services and Treasury Secretary Christopher Hui said the local government will soon release a consultation paper on the proposed regulatory framework for over-the-counter crypto trading platforms as risks rise.

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