The Hong Kong Securities and Futures Commission (SFC) has issued a warning against some unlicensed virtual asset trading platforms (VATPs) in Hong Kong, citing engagement in improper practices. The warning, released on the SFC’s official website, highlights several areas of concern and potential legal consequences.
False Claims of Licensing Applications
The SFC has observed that some unlicensed VATPs are falsely claiming to have submitted license applications to the regulatory body. Such misleading claims are considered an offense, as they may induce others to trade in virtual assets under a false sense of assurance. The SFC has stated that it will consider any misrepresentation when assessing the VATP’s fitness to be licensed.
Non-Compliance with SFC Requirements
The SFC has also noted that some VATPs are not complying with the legal and regulatory requirements under the new regime to regulate virtual asset service providers. This…
