Hong Kong Regulator to Conduct On-Site Inspections of Crypto Platforms Pursuing Licensing Applications
Hong Kong's Securities and Futures Commission (SFC) will conduct on-site inspections of crypto trading platforms seeking licensing as a key deadline approaches. By June 1, 2024, all virtual asset trading platforms (VATPs) in Hong Kong must be licensed or "deemed-to-be-licensed." The SFC will focus on ensuring compliance with regulatory requirements, particularly in safeguarding client assets and know-your-client processes. Currently, only two entities are licensed by the SFC, while the applications of 18 entities remain in the system and 11 have been removed or withdrawn.
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