- The Hong Kong Securities and Futures Commission has announced that it will begin accepting applications on June 1 for crypto trading platforms looking to serve retail investors.
Based on the feedback received, the SFC has modified some of the proposed requirements to help ensure a smooth rollout. Moving forward, the regulator plans to implement multiple measures designed to help protect investors including ensuring suitability in the onboarding process, good governance, enhanced token due diligence, admission criteria and disclosures.
All operators of virtual asset trading platforms who agree to comply with the terms and conditions of the SFC’s updated standards are now encouraged to apply for an operator's license. Those that do not wish to obtain a license are expected to proceed with “an orderly closure of their business in Hong Kong,” the announcement said.