The Securities and Futures Commission (SFC) of Hong Kong issued a press release today stating that the one-year transition period for Virtual Asset Service Providers (VASPs) licensing regime is coming to an end. All Hong Kong VASPs must submit their license applications by February 29th of this year, otherwise they will need to cease operations in Hong Kong by May 31st.
Background:
Bybit Exchange officially applies for Hong Kong VASP license
Hong Kong SFC: Exchanges without licenses must cease operations; applications from Bitget, ByBit, OKX not seen
The Hong Kong government officially opened the application for Virtual Asset Service Providers (VASP) licenses on June 1st of last year. Starting from late September, they began disclosing related lists such as licensed platforms, platforms that have applied for licenses, and closed platforms.
According to the SFC’s press release today, the one-year transition period for the VASP licensing regime is ending. All Hong Kong VASPs must submit their license applications by February 29th of this year. Otherwise, they must cease their operations in Hong Kong by May 31st, 2024.
The SFC also reminds investors of the current status of Hong Kong VASP license applications, with two platforms, HashKey Exchange and OSL Exchange, having received formal licenses from the SFC. In order to enhance investment security, the SFC requires these two platforms to conduct due diligence before offering trading of virtual assets, ensuring that the assets meet token admission criteria and are approved by the SFC. Sufficient information must also be disclosed to investors.
There are currently 14 companies awaiting VASP license review, including OKX, Bybit, PantherTrade Limited, BGE, HKbitEX, HKVAX, VDX, Meex, and others.
It is worth mentioning that, besides Bitget, which has previously stated that it will not apply for a Hong Kong license, well-known platforms such as Binance, Huobi, and Gate.io, which were rumored to take action, have not appeared on the list published by the SFC.
Related reading:
Over 10 cryptocurrency firms in Hong Kong claimed to “apply for licenses” but did not follow through, including Binance, OKX, Huobi
Submitted applications from Virtual Asset Service Providers. Image source: SFC Hong Kong
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