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Hong Kong’s SFC Warns of Improper Practices by Unlicensed Virtual Asset Trading Platforms

August 8, 2023
in Blockchain
Reading Time: 2 mins read
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The Hong Kong Securities and Futures Fee (SFC) has issued a warning towards some unlicensed digital asset buying and selling platforms (VATPs) in Hong Kong, citing engagement in improper practices. The warning, launched on the SFC’s official web site, highlights a number of areas of concern and potential authorized penalties.

False Claims of Licensing Functions

The SFC has noticed that some unlicensed VATPs are falsely claiming to have submitted license purposes to the regulatory physique. Such deceptive claims are thought-about an offense, as they could induce others to commerce in digital belongings beneath a false sense of assurance. The SFC has said that it’s going to contemplate any misrepresentation when assessing the VATP’s health to be licensed.

Non-Compliance with SFC Necessities

The SFC has additionally famous that some VATPs will not be complying with the authorized and regulatory necessities beneath the brand new regime to control digital asset service suppliers. This consists of launching new companies and merchandise that won’t adjust to the relevant authorized and regulatory necessities. Such non-compliant actions could elevate issues concerning the VATPs’ intention to adjust to the SFC’s authorized and regulatory necessities.

Transitional Preparations

The transitional preparations, efficient earlier than June 1, 2023, have been designed to supply enough time for VATPs to organize for compliance. Nevertheless, the SFC has observed that some unlicensed VATPs have arrange new entities to supply digital asset companies in Hong Kong with out complying with the brand new regime’s necessities.

Warning to Traders

The SFC has taken the chance to warn traders concerning the dangers of buying and selling digital belongings on unregulated VATPs. Traders are cautioned that they could face the danger of shedding their complete funding if the VATP ceases operation, collapses, is hacked, or suffers from any misappropriation of belongings.

The SFC publishes a listing of licensed digital asset buying and selling platforms on its web site to tell the general public of the regulatory standing of VATPs working in Hong Kong. This listing consists of the names of digital asset buying and selling platform operators formally licensed by the SFC. At the moment, solely two VATPs, OSL Trade and HashKey Trade, are licensed by the SFC.

The SFC’s warning serves as a well timed reminder to each VATPs and traders to stick to the authorized and regulatory necessities governing digital asset buying and selling in Hong Kong. The regulatory physique continues to watch the scenario intently and has offered a listing of licensed VATPs to information traders. 

Picture supply: Shutterstock

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Tags: assetHongImproperKongsPlatformsPracticesSFCTradingUnlicensedvirtualWarns
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