Despite recognizing the potential benefits of cryptocurrencies, the Securities and Futures Commission (SFC) of Hong Kong is taking a firm stance against unregulated crypto trading platforms operating within its jurisdiction.
Comprehensive List of Virtual Asset Trading Platforms (VATPs)
In an announcement made on September 25, the SFC outlined its commitment to compile an extensive list that includes licensed, deemed licensed, closing down, and application-pending virtual asset trading platforms (VATPs). This initiative aims to provide the public with essential information to help identify potentially unregulated VATPs in Hong Kong.
Transparency on “Suspicious VATPs”
To enhance transparency, the SFC plans to maintain a dedicated catalog of “suspicious VATPs.” This catalog will be prominently displayed and easily accessible on their official website, allowing investors and the public to stay informed about platforms that may pose risks.
Upholding Crypto Regulation Despite Recent Events
Despite recent challenges and catastrophic events in the crypto industry, the SFC remains resolute in its commitment to regulating the crypto sector in Hong Kong.
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