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Existing Virtual Asset Operators Given Transitional Period To Comply With Proposed Legislation In Hong Kong

Effective June 1, 2023, all new Virtual Asset (VA) trading platforms conducting business or targeting investors in Hong Kong must be licensed and regulated by the Securities and Futures Commission (SFC). The SFC is an independent statutory body that regulates Hong Kong’s securities and futures markets.

In November 2020, through a consultation document, the Hong Kong Government sought views on legislative proposals to introduce a licensing regime for Virtual Asset Service Providers (VASPs) under the Anti-Money Laundering Ordinance (AMLO) and Counter-Terrorist Financing Ordinance (the AMLO VASP regime).

Pre-existing VA trading platform operators will be given either a transitory period to apply for a license or shall be requested to close down their operations. This is all detailed in the consultation paper released by the SFC on the proposed regulatory requirements for VA trading platforms under the AMLO VASP regime, which will become effective on June 1, 2023. 

Hong Kong Virtual Assets
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