The Commission

Bitcoin

Hong Kong’s financial regulator has emphasized the non-contravention period for virtual asset trading platforms (VATPs) to register before the deadline. The Securities and Futures Commission (SFC) noted that the timeline for platforms operating under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) will end on June 1. The Commission reminded investors and stakeholders of the risks and implications of non-registration after the deadline.&nbsp; 
<h2 id="strong-non-registration-is-a-criminal-offense-strong">Non-Registration Is a Criminal Offense</h2> 
In a May 28 announcement, the regulator pointed out that a breach of the AMLO is a criminal offense prompting the <a rel="nofollow" href="https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR95" target="_blank">SFC</a> to take appropriate actions against the offender. According to the release, all firms operating in Hong Kong must either be registered or “deemed-to-be-licensed” under the law.&nbsp; 
On the forgoing, investors are urged to trade with only SFC-licensed firms and confirm the firm’s status from the website. For deemed-to-be-licensed firms, the SFC warned that they are not yet licensed. However, they have been operating before the legal regime and undertook to enhance certain policies and structures.&nbsp; 
On their part, deemed-to-be-licensed VATP must comply with all guidelines. These firms are not expected to onboard new retail clients until guidelines are obeyed. Per the release, firms are to comply with guidelines and prevent mainland Chinese residents from utilizing services.&nbsp; 
“…including but without limitation, preventing Mainland Chinese residents from accessing any of their virtual asset-related services, and to take all necessary measures to procure the VATPs’ controlling entities and related parties to do the same.”&nbsp; 
<h2 id="span-style-font-weight-400-strong-hong-kong-tightens-crypto-regulation-strong-span">Hong Kong Tightens Crypto Regulation&nbsp;</h2> 
Hong Kong regulators have increased crypto scrutiny in the past months citing investor protection to prevent market collapses. The country has released a series of guidelines to regulate the <a href="https://coingape.com/hong-kongs-securities-association-tips-authorities-on-crypto-self-regulation/" target="_blank" rel="noopener">crypto market</a>. The jurisdiction regarded as crypto-friendly saw a shift in regulatory framework with some analysts suggesting a future change in mainland China.&nbsp; 
Globally crypto regulation takes shape as authorities seek clear rules for crypto firms and users. From the landmark Markets in Crypto Assets (<a href="https://coingape.com/mica-regulation-how-eu-regulatory-regime-impact-stablecoin/" target="_blank" rel="noopener">MiCA</a>) regulation, lawmakers seek to tighten rules. 
Also Read: <a href="https://coingape.com/why-bitcoin-price-is-down-today/" target="_blank" rel="noopener">Why Bitcoin Price Is Down Today?</a> 
The post <a href="https://coingape.com/hong-kongs-regulator-spotlights-crypto-platforms-registration-deadline/">Hong Kong’s Regulator Spotlights Crypto Platforms Registration Deadline</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Hong Kong’s Regulator Spotlights Crypto Platforms Registration Deadline

Table of Contents

Coingape News Media

Other articles published on May 28, 2024

Notcoin (NOT) Price Surges 40% Marking Biggest Gains After Airdrop

Vitalik Buterin claws back crypto community's right to redefine 'inflation'

Russia’s top metal producers reportedly turn to Tether for trades with China

MoonPay launches Web3 platform for brands, digital experience

Galactica.com Partners with Zama to Revolutionize Web3 Identity Stack with Fully Homomorphic Encr...

Why Is The Market Down Today?

Join our free newsletter for daily crypto updates!