Finance

Hong Kong Securities and Futures Commission Announces Comprehensive Review of Cryptocurrency Companies

In an effort to regulate the bustling cryptocurrency market within its jurisdiction, the Hong Kong Securities and Futures Commission (SFC) has announced plans to conduct a thorough examination of all cryptocurrency trading platforms that seek to operate legally in the region. Starting June 1st, the SFC will begin on-site inspections to ensure compliance with local regulations.

This move by Hong Kong's financial regulator emphasizes the importance of obtaining either an SFC license or being recognized as "temporarily licensed" during the period in which applications are under review. Cryptocurrency trading platforms, also known as virtual asset trading platforms (VATP), operating without an SFC license after this date will be deemed as engaging in criminal activity and in violation of anti-money laundering and counter-terrorism financing laws.

Throughout the course of these inspections, the SFC intends to focus particularly on adherence to rules prohibiting residents of mainland China from accessing any services related to virtual assets. Earlier in the year, the SFC also mandated that all cryptocurrency exchanges must have insurance coverage that covers at least 50% of user deposits, underscoring the commission's commitment to protecting investors and maintaining a clean financial environment.

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