Hong Kong’s financial regulator said it will carry out on-site compliance checks on crypto companies after a licensing deadline.
The Hong Kong Securities and Futures Commission has said it will “conduct on-site inspections” of local virtual asset trading platforms that are still going through their regulatory applications after a June 1 licensing deadline.crypto companies on May 28 about their requirement to get licensed before June. After the deadline, all local crypto trading platforms must either be licensed or “deemed-to-be-licensed” by the SFC.
After June 1, operating an unlicensed VATP in Hong Kong would be a criminal offense and the SFC would be chasing companies up, seemingly in person. It added it would have “a particular focus” on how the firms are safeguarding client assets and undertaking Know Your Customer processes.It warned companies seeking licenses not to “actively market services or onboard new retail clients until formally licensed” and to prevent mainland Chinese residents from accessing their services.
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