The Securities and Futures Commission (SFC) of Hong Kong issued a statement stating that, according to the transitional arrangement, virtual asset trading platforms operating in Hong Kong must end their operations in Hong Kong by May 31, 2024, if they have not submitted a license application to the SFC before February 29, 2024.
Investors should check the regulatory status of their virtual asset trading platform and be prepared before May 31, 2024, such as closing their accounts on virtual asset trading platforms that are not on the "licensed virtual asset trading platform list" or "virtual asset trading platform applicant list," or transferring to virtual asset trading platforms that have been licensed by the SFC.
For applicants on the "virtual asset trading platform applicant list" whose applications are still being processed, it is unknown whether they will be approved, so there is a risk of trading on these platforms. The SFC strongly urges investors to only trade virtual assets on virtual asset trading platforms licensed by the SFC, as trading on unlicensed platforms may leave them unprotected.