Hong Kong’s securities regulators says HBGL Hong Kong Limited withdrew its application for a license on February 23.
Floki Team Responds to Hong Kong Regulator Warning
Hong Kong’s Securities and Futures Commission labeled Floki and its staking program a suspicious investment product.
Floki Team Responds to Hong Kong Regulator Warning
Hong Kong’s Securities and Futures Commission labeled Floki and its staking program a suspicious investment product.
Spot Crypto ETF Applications Will Be Considered, Hong Kong Regulators Say
The statement from the SFC and HKMA comes as expectations mount the U.S. SEC is on the verge of approving a spot bitcoin ETF.
Julia Leung: Positioning Hong Kong as a Crypto Hub
A former journalist, Leung is the world’s most powerful female financial regulator in an increasingly important center for crypto.
Bitget’s Hong Kong Unit Halts Operations, Won’t Apply for Crypto License
BitgetX HK, which launched in April, is withdrawing from Hong Kong and will shut operations on Dec. 13.
UBS Group’s Wealthy Clients Can Now Trade Some Crypto ETFs in Hong Kong: Bloomberg
The news comes a day after HSBC, one of the world’s largest banks, said it plans to start a digital-assets custody service for institutional clients.
Hong Kong Now Considering Spot Crypto ETFs for Retail Investors: Bloomberg
The move comes a month after authorities in the City updated financial regulations to allow for retail investors to buy spot crypto ETFs.
Hong Kong to Disclose All Crypto License Applicants After JPEX Probe
Securities and Futures Commission says decision was made in light of public demand
Hong Kong Probe Into Crypto Exchanges JPEX Results in Arrest
SCMP reported that Hong Kong police had received 83 complaints about the platform, which was operating without a license.
Beware Of Crypto Firms Falsely Claiming To Have Submitted License Applications
In recent developments, Hong Kong regulators have issued cautionary warnings to crypto investors, asking them to be careful of potential investment risks. According to the city’s chief regulatory agency, some cryptocurrency trading platforms have been making erroneous claims about meeting the regulatory requirements for digital assets.
Investors Beware Of False Claims From Crypto Firms
The Securities and Futures Commission (SFC), the chief regulatory body of Hong Kong, released the alert on August 7. In the statement, the commission noted that some unlicensed exchanges in the city were engaging in “improper practices.”
According to the body, unlicensed Virtual Assets Trading Platforms (VATPs) are falsely claiming to have submitted license applications to the body, which would enable them to conduct transactions legally in the special administrative region of China.
Such fraudulent claims were designed to “give the public a false sense of assurance” and were targeted at “inducing another person to trade in virtual assets.” Making such claims amounts to a punishable offense under the city’s Anti-Money Laundering and Counter-Terrorist Finance Ordinance, the regulatory body said.
Furthermore, the SFC will consider any likely misrepresentation made by an unlicensed Virtual Asset Trading Platform when deciding whether or not to grant them a license. The SFC may view as unfavorable any non-compliant actions that would need the reversion of client withdrawal or transactions that could have been reasonably avoided.
The Securities and Futures Commission said it will evaluate a Virtual Asset Trading Platform’s application based on its ability to show genuine intention to correct previous non-compliant actions, including the gradual unwinding of impermissible transactions.
Virtual Assets Trading Platforms that do not meet the agency’s requirements must make efforts to meet the regulatory and legal obligations of licensed VAPTs, the SFC clarified.
Hong Kong’s Regulatory Framework
Hong Kong’s Securities and Futures Commission (SFC) recently released guidelines for Virtual Asset Trading Platform operators in the country to provide more regulatory certainty for the crypto industry in the country and help protect investors’ interests.
The SFC laid down rules that would enable centralized exchanges to provide services to retail clients, provided they are authorized by a license obtained from the Securities and Futures Commission.
Under Hong Kong’s VASP regime, which kickstarted on June 1, 2023, a one-year grace period commencing from June 1, 2023, allowed exchanges with an existing large presence in the city to continue operations while making changes to their businesses to ensure compliance with the new SFCs rules.
Platform operators that had not commenced operations before June 1, 2023, had to be SFC-licensed before they could operate. However, it seems that certain exchanges are already violating the rules provided under the new regime.
According to SFC, investors participating in trading on unregulated virtual asset exchanges are likely to face “losing their entire investment” on the exchange if it “ceases operation, collapses, is hacked,” or “suffers from any misappropriation of assets.”
Following this, many exchanges have publicly pledged to submit licensing applications with the SFC, including Huobi and OKX, two popular exchanges in Asia.
Hong Kong establishes task force to advance Web3 development
The task force will advise on the “sustainable and responsible” development of Web3 in Hong Kong, according to the statement.
HashKey launches wealth management service citing ‘significant’ demand
Hong Kong’s HashKey recently received a number of licenses from local regulators, allowing it to expand its range of products and services.
Hong Kong Regulator Says DeFi Projects Could Face Regulatory Requirements
If DeFi activity falls within the scope of the Securities and Futures Ordinance, it will be subject to the same regulatory requirements as traditional financial activity, says SFC official.
Over 80 crypto firms eyeing presence in Hong Kong: Financial Secretary
Since October, more than 80 virtual asset companies have expressed interest in establishing in the city, while 23 have indicated actual plans of doing so.
Hong Kong outlines upcoming crypto licensing regime
Hong Kong’s Securities and Futures Commission calls for public consultation over plans to allow licensed cryptocurrency exchanges to serve retail investors.
Japan’s FSA Says XRP Not a Security: Report
The regulator’s stance contrasts with that of the U.S. Securities and Exchange Commission.
Hong Kong’s First Regulator-Approved Bitcoin Fund Targets $100M Raise
Hong Kong’s Securities and Futures Commission has approved a bitcoin index fund from Arrano Capital, one aimed solely at institutional investors.
Global Crypto Framework Needed to Stop ‘Regulatory Arbitrage,’ Watchdog Warns
Hong Kong’s securities regulator says the world needs a united response to stablecoins like Libra to avoid firms setting up in laxer jurisdictions.