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Hong Kong's Securities Regulator to Accept Crypto Trading Platform License Applications on June 1st

Hong Kong's Securities and Futures Commission (SFC) has announced that it will accept applications for crypto trading platform licenses starting from June 1. The SFC will allow licensed virtual asset providers to serve retail investors, but only if operators assess their understanding of the risks involved. The guidelines also require crypto exchanges to maintain a minimum of HKD 5,000,000 in capital and submit monthly reports to the SFC. The revised guidelines, which include clarifications on anti-money laundering requirements and criteria for fining platforms for breaching them, will come into force on June 1.

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