The Securities and Futures Commission (SFC) reminded virtual asset trading platforms (VATPs) operating in Hong Kong that they must submit their licence applications to the SFC by 29 February 2024. Those that fail to do so must close down their businesses in Hong Kong by 31 May 2024 pursuant to the transitional arrangements under the SFC’s regulatory regime for VATPs.
In the notice urging investors to check regulatory status of virtual asset trading platforms, the SFC also reminded investors to trade only on approved platforms, saying "the SFC strongly urges investors to trade virtual assets ONLY on SFC-licensed VATPs because they may leave themselves unprotected by trading on unlicensed platforms."
The SFC also said investors dealing with unlicensed VATPs should make preparations before 31 May 2024 to close their accounts or transfer to a SFC-licensed VATP..