Amitoj Singh is a CoinDesk reporter.
By June 1, 2024, all crypto platforms in Hong Kong must be either licensed or “deemed-to-be-licensed."
By June 1, 2024, all crypto platforms providing trading services known as virtual asset trading platforms in Hong Kong must be either licensed by the SFC or “deemed-to-be-licensed,” which is a temporary arrangement during the process to get fully compliant. Beyond that deadline, it would be a"criminal offence to operate in Hong Kong" in breach of anti-money laundering and counter-terrorism laws, the SFC said.
Notably, by June 1, it will be clear how many of the 18 entities remain in the SFC system as"deemed-to-be-licensed." Hong Kong's push to become a major crypto hub could come under scrutiny if several or some of the 18 applicants don't move past this important deadline.
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