Hong Kong Regulator Considers Registration Deadline for Crypto Platforms
Hong Kong’s financial regulator has stressed that virtual asset trading platforms (VATPs) should not be breached to register before the deadline. The Securities and Futures Commission (SFC) stated that the timeline for platforms operating under the Anti-Money Laundering and Combating the Financing of Terrorism Regulation (AMLO) will end on June 1. The Commission reminded investors and stakeholders about the risks and consequences of the Anti-Money Laundering and Preventing the Financing of Terrorism Regulation. registration after the application deadline.
Failure to Register is a Criminal Offense
In a May 28 announcement, the regulator noted that breaching AMLO was a criminal offense. SFC To take necessary precautions against the criminal. According to the statement, all companies operating in Hong Kong must be either registered or “deemed licensed” by law.
In this process, investors are asked to trade only with SFC licensed companies and to verify the company’s status on the website. For firms deemed to be licensed, the SFC warned that they were not yet licensed. However, they operate ahead of the legal regime and undertake to develop certain policies and structures.
A VATP deemed to be licensed must comply with all guidelines. These companies are not expected to acquire new retail customers until the guidelines are followed. According to the statement, companies must comply with the rules and prevent those living in mainland China from benefiting from the services.
“…“To take all necessary measures, including, but not limited to, preventing residents of Mainland China from accessing any of the services related to virtual assets, and to ensure that entities controlling VATPs and relevant parties do the same.”
Hong Kong Tightens Crypto Regulation
Hong Kong regulators have stepped up scrutiny of cryptocurrencies in recent months, citing investor protection to prevent a market crash. The country has issued a set of guidelines for regulation. crypto market. The jurisdiction, which is considered crypto-friendly, has seen a change in the regulatory framework, with some analysts suggesting a future change in mainland China.
Crypto regulations are taking shape globally as authorities seek clear rules for crypto firms and users. Landmark Markets in Crypto Assets (Mica) regulation, lawmakers are trying to tighten the rules.
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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a talent for keeping up with breaking news. Staying on top of trends, David is knowledgeable about regulations, partnerships, crypto assets, stocks, NFTs, etc. He reported in various fields such as. Away from the financial markets, David cycles and rides horses.
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