Hong Kong Securities Regulatory Commission begins to accept applications for virtual asset trading platform licenses

According to PANews news on June 1, according to Securities Daily, starting from June 1, the "Guidelines Applicable to Operators of Virtual Asset Trading Platforms" and "Guidelines for Combating Money Laundering" issued by the Hong Kong Securities Regulatory Commission will be officially implemented. From now on, the Hong Kong Securities Regulatory Commission will begin to accept virtual asset trading platform operators to apply for licenses and allow retail investors to use licensed virtual asset trading platforms. It is understood that since the Hong Kong Securities Regulatory Commission announced the license application form on May 25, some companies have started to prepare for the license application. According to the virtual asset licensing system, it is necessary to apply for a digital asset license and a virtual asset service provider license (VASP).

In an interview, Yu Jianing, executive director of the Metaverse Industry Committee of the China Mobile Communications Federation, said that the entry into force of the new regulation on the trading of virtual asset platforms in Hong Kong has strengthened investor education and risk disclosure on the one hand to ensure the protection of investors’ rights and interests; on the other hand On the one hand, trading platforms are required to establish strict monitoring and reporting mechanisms in order to detect and respond to potential illegal activities. In the future, Hong Kong's virtual asset trading industry will gradually move toward standardization, which is expected to attract more traditional financial institutions and institutional investors into the virtual asset market.

Earlier today, the Hong Kong Securities Regulatory Commission issued a circular on the transitional arrangements for the licensing system of virtual asset trading platforms.

Related reading: Interpretation of Hong Kong's new regulations on virtual assets from multiple perspectives: more flexible regulation than expected, and will be dynamically adjusted according to the actual situation in the future

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