Hong Kong Securities Supervision Commission: Will inspect the business of virtual asset platform license applicants on site

The Hong Kong Securities Supervision Commission said that in the coming months, it will conduct on-site inspections of the business of virtual asset trading platform license applicants to ensure that the platforms waiting for licenses comply with regulatory requirements. If any violations are found, the application will be rejected promptly, and other regulatory actions will be taken according to the situation.
The one-year transitional period for the licensing regime for virtual asset trading platforms will end on June 1. The Securities Supervision Commission reiterated that all platforms operating in Hong Kong must obtain a license or have already applied for a license. The latest information shows that there are two platforms that have obtained licenses, and 18 have been registered for approval.
The meeting also reminded all platforms and responsible persons to prevent mainland residents from using their virtual asset services in accordance with legal requirements.