Bittime -Hong Kong's Securities and Futures Commission (SFC) has just updated its list of virtual asset trading platforms. According to Ming Pao, based on the Anti-Money Laundering and Anti-Terrorism Financing (AML/CFT) Regulations, 11 platforms were officially declared licensed.
Licensed Platform and Still in Submission Stage
The platforms that have been officially declared licensed include HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, xWhale, YAX, Bullish, Crypto.com, WhaleFin, and Matrixport HK. Meanwhile, there are only 6 remaining platforms that are still in the licensing application stage, namely BGE, HKVAX, VDX, bitV, HKX, and bitcoinworld.
SFC Hong Kong emphasized that all platforms still listed in the application stage do not yet have a license and potentially do not meet the specified requirements. This is in line with previous reminders from the SFC regarding the end of the leeway period for virtual asset trading platforms operating in Hong Kong under the AML Ordinance on June 1.
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Unlicensed Platform: Criminal Action
Starting June 1, 2024, all virtual asset trading platforms operating in Hong Kong are required to obtain a license from the SFC in accordance with the Ordinance, or be registered as a deemed licensed platform.
Operating a virtual asset trading platform in Hong Kong without a license is a criminal offense. The SFC emphasized that it will take firm action against all violations that occur.
"Deemed Licensed" Platform and Promotion of Services
Apart from that, SFC Hong Kong also explained the status of being considered licensed for platforms that are still in the application stage. Until the SFC is confident in the implementation and effectiveness of the policies, procedures, systems and control measures implemented by the platforms, the SFC urges the platforms not to aggressively promote their services or establish business relationships with new retail customers.
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Impact for Investors
The update of the list of licensed platforms by the Hong Kong SFC is good news for virtual asset investors in Hong Kong. The granting of a license to a virtual asset trading platform by SFC Hong Kong is a positive step in improving regulation and supervision of crypto assets.
Investors now have a choice of platforms that are legal and supervised by credible regulators. Investors are advised to always choose virtual asset trading platforms that are officially registered with the SFC to ensure the security and protection of their funds.
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How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Get to Know Hong Kong Cryptocurrency Regulations
GF Securities Launches Tokenized Securities in Hong Kong
Bitcoin & Ethereum ETF Debuts in Hong Kong, How Did It Go?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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