The Hong Kong regulator has called a deadline for crypto companies to obtain work permits
The Hong Kong Securities and Futures Commission (SFC) has ordered local cryptocurrency platforms to apply for a license by February 29 — or close by May 31, 2024.
The SFC strengthens supervision of the crypto industry, recommending that investors interact only with those cryptocurrency exchanges that are listed by the regulator: as licensed platforms for trading virtual assets or as companies that have applied for a license. The SFC recommended that crypto investors trading on unregistered exchanges be prepared for disruptions.
"Investors using virtual asset trading platforms (VATP) that operate in Hong Kong but are not on the list of legal ones are strongly advised to take action. For example, close accounts on them before May 31, 2024, or switch to platforms for trading virtual assets that have an SFC license," the regulator said in an announcement.
Two platforms received the SFC license: HashKey and OSL. The Hong Kong regulator is currently considering applications from 14 crypto companies. Among them are the Bybit and OKX trading platforms, as well as the HKVAEX cryptocurrency exchange, which reportedly has links with the largest Binance crypto exchange.
