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Hong Kong orders unlicensed crypto platforms to shut down

Hong Kong’s Securities and Futures Commission (SFC) has mandated unlicensed virtual asset trading platforms to exit the market by the end of May. An updated list of licence applicants will be posted on the SFC’s website. SFC Chief Executive Julia Leung Fung-yee emphasised the importance of investors using licensed platforms, especially following the regulatory guidelines issued in November 2023 for tokenised investment products. The move aims to enhance financial security in the virtual asset sector, highlighted by the JPEX incident last year. Furthermore, Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority (HKMA), announced the development of a comprehensive regulatory framework for virtual asset service providers, reinforcing Hong Kong’s commitment to safeguarding its financial system and investors.


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