SFC statement on the end of non-contravention period for virtual asset trading platforms

The Securities and Futures Commission (SFC) is reminding the public that the non-contravention period for virtual asset trading platforms (VATPs) operating in Hong Kong under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) will end on June 1, 2024. All VATPs in Hong Kong must be either licensed by the SFC or deemed-to-be-licensed VATP applicants under the AMLO. Operating a VATP in Hong Kong without proper licensing is a criminal offense, and the SFC will take appropriate actions against any violations of the law. Investors are urged to trade virtual assets only on SFC-licensed VATPs. They should check the SFC’s list of licensed virtual asset trading platforms to ensure the platform they are using is formally licensed. Investors should also be aware that deemed-to-be-licensed VATP applicants are not yet formally licensed by the SFC, though they have undertaken to enhance their policies, procedures, systems, and controls to comply with regulatory requirements. The SFC will conduct on-site inspections of these applicants to ensure compliance and investor protection, and any non-compliance could result in the refusal of their license application. Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR95