Future

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/the-hong-kong-sfc-intensifies-oversight-of-virtual-asset-trading-platforms/" data-wpel-link="internal">The Hong Kong SFC Intensifies Oversight of Virtual Asset Trading Platforms</a> 
The Hong Kong Securities and Futures Commission (SFC) has accelerated its oversight of virtual asset trading platforms (VATPs). According to SFC CEO Leung Fung-yee, the initial phase of the audit has been completed, and deficiencies have been communicated to the platforms. These platforms are required to implement necessary improvements. In upcoming phases, platforms that pass audits will be granted conditional licenses, while those that fail to meet the requirements will have to cease operations. 
<h2 style="text-align: justify" id="strong-the-future-of-platforms-and-conditional-licensing-process-strong">The Future of Platforms and Conditional Licensing Process</h2> 
The Hong Kong SFC introduced a new licensing regulation for virtual asset trading platforms last June. With this regulation, platforms were temporarily granted “deemed license” status. However, this transitional period ended in May 2023, and licensing decisions for 11 platforms began following the commencement of audits. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-395231" src="https://coin-turk.com/wp-content/uploads/2024/10/Hong-Kong-SFC.jpg" alt="" width="1200" height="630"> 
Leung Fung-yee noted that various deficiencies were identified during the initial audit phase, and these were communicated to the applicant platforms. The platforms were asked to submit an improvement plan to the SFC to address the identified shortcomings. 
Additionally, a deadline will be established for the next stage. Platforms that do not meet the necessary conditions within the specified timeframe will lose their temporary license status and must terminate their operations in Hong Kong. 
<h2 style="text-align: justify" id="strong-audited-platforms-strong">Audited Platforms</h2> 
According to the SFC’s website, among the 11 platforms with temporary licenses are HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, EX.IO, YAX, Bullish, Crypto.com, WhaleFin, and Matrixport HK. Should these platforms rectify the deficiencies and meet the standards set by the SFC, they will be eligible for conditional licensing. 
Leung Fung-yee also cautioned investors regarding platforms focused on the stock market in addition to regulations on the virtual asset market. Such warnings were issued to protect investors’ interests, especially since the SFC issued warnings about stock concentrations six times between June and September, a frequency that has increased compared to previous periods. 
The post <a href="https://en.coin-turk.com/the-hong-kong-sfc-intensifies-oversight-of-virtual-asset-trading-platforms/" data-wpel-link="internal">The Hong Kong SFC Intensifies Oversight of Virtual Asset Trading Platforms</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

The Hong Kong SFC Intensifies Oversight of Virtual Asset Trading Platforms

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