HK SEC: Implementation of the Virtual Assets Regulation From 1 June

May 23,2023,16:34

Hong Kong's Securities and Futures Commission (SFC) concludes consultation on virtual asset trading platform regulation. A majority of respondents agreed to the proposal allowing licensed trading platform operators to serve retail investors. The SFC will implement a range of measures to protect investors including the onboarding process, governance, and token due diligence.

The Guidelines for Virtual Asset Trading Platform Operators will become effective on 1 June 2023.

The new guidelines outline safe asset custody, client asset segregation, and cybersecurity standards. SFC will provide additional guidance on regulatory requirements, license application procedures, and transitional arrangements. Virtual asset trading platforms must be prepared to comply with SFC standards or face an orderly closure of their Hong Kong business.

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