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Hong Kong’s SFC warns crypto platforms against unlicensed activities

Hong Kong’s Securities and Futures Commission (SFC) has issued a reminder to virtual asset trading platforms about avoiding unlicensed activities as regulatory transition periods conclude this Saturday. Despite establishing a licensing system for these platforms last June, only two licences have been issued, with seven out of 24 applicants withdrawing. The SFC emphasises the need for platforms to demonstrate effective implementation of enhanced policies and systems to meet regulatory standards. Furthermore, platform operators are advised against promoting services or accepting new retail clients until they are licensed. The regulator plans to conduct on-site inspections in the coming months to ensure compliance, focusing on client asset safeguarding and know-your-client processes.


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