Hong Kong SFC Released Lists of Virtual Asset Trading Platforms with 2 Licensed Trading Platforms OSL Digital Securities & Hash Blockchain, 4 Submitted Application & 6 Listed as Suspicious
30th September 2023 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has released the lists of Virtual Asset Trading Platforms (VATPs) with 2 licensed trading platforms OSL Digital Securities & Hash Blockchain, 4 submitted application and 6 virtual platforms listed as suspicious. Hong Kong SFC: “The SFC also issued today a dedicated list of suspicious VATPs on its website to help investors more easily identify suspicious VATPs doing business in Hong Kong and enhance awareness. In particular, investors are reminded that all entities on the List of VATP applicants are not licensed by the SFC and may not be compliant with the SFC’s requirements (Note 5). This list is issued to facilitate the public’s determination of whether a VATP has misrepresented its licence application status (eg, claiming that it has applied for a licence when in fact it has not). VATPs planning to apply for a licence with the SFC are reminded to submit fully completed applications with all the necessary information and documents, including external assessment reports. Substandard applications would be returned by the SFC and the name of the relevant VATP applicant would be removed from the List of VATP applicants and added to the List of removed VATP applicants (Note 6).” View the Virtual Asset Trading Platforms lists | More info below:
“ Hong Kong SFC Released Lists of Virtual Asset Trading Platforms with 2 Licensed Trading Platforms OSL Digital Securities & Hash Blockchain, 4 Submitted Application & 6 Listed as Suspicious “
Hong Kong SFC Released Lists of Virtual Asset Trading Platforms with 2 Licensed Trading Platforms OSL Digital Securities & Hash Blockchain
29th September 2023 – The Securities and Futures Commission (SFC) published today several lists of virtual asset trading platforms (VATPs) on its website as part of its efforts to disseminate information on VATPs in a clear, transparent and timely manner.
These lists include (Note 1):
- “List of licensed virtual asset trading platforms” (List of licensed VATPs), which sets out the names of VATP operators formally licensed by the SFC (Note 2);
- Starting from today, a “List of virtual asset trading platform applicants” (List of VATP applicants), which sets out the names of VATP operator applicants (VATP applicants) whose licence applications have yet to be approved by the SFC; this list is accompanied by a “List of applicants whose licence applications have been returned, refused or withdrawn” (List of removed VATP applicants), which sets out the names removed from the List of VATP applicants as their licence applications have been returned, refused or withdrawn (Note 3);
- “List of closing-down virtual asset trading platforms” (List of closing-down VATPs), which sets out the names of VATP operators required by law to close down within a specified period; and
- “List of virtual asset trading platforms which are deemed to be licensed” (List of deemed licensed VATPs), which sets out the names of VATP operators deemed to be licensed as of 1 June 2024 (Note 4).
The SFC also issued today a dedicated list of suspicious VATPs on its website to help investors more easily identify suspicious VATPs doing business in Hong Kong and enhance awareness. In particular, investors are reminded that all entities on the List of VATP applicants are not licensed by the SFC and may not be compliant with the SFC’s requirements (Note 5). This list is issued to facilitate the public’s determination of whether a VATP has misrepresented its licence application status (eg, claiming that it has applied for a licence when in fact it has not). VATPs planning to apply for a licence with the SFC are reminded to submit fully completed applications with all the necessary information and documents, including external assessment reports. Substandard applications would be returned by the SFC and the name of the relevant VATP applicant would be removed from the List of VATP applicants and added to the List of removed VATP applicants (Note 6).
Notes:
- The SFC updates the lists regularly but they may not contain the most up-to-date information about VATPs as changes may take place between updates.
- The names of VATP applicants may be transferred from the List of VATP applicants to the List of licensed VATPs if the SFC formally licenses the applicants.
- VATPs on the List of VATP applicants may not eventually be licenced. The names of applicants may be transferred from the List of VATP applicants to the List of removed VATP applicants due to: (a) licence applications being returned by the SFC given incomplete applications and/or unresolved fundamental issues; or (b) licence applications being refused or withdrawn.
- The Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) provides for transitional arrangements to the licensing regime for VATPs whereby eligible VATP applicants are deemed to be licensed on 1 June 2024. Where the licence application of a deemed to be licensed VATP is approved, withdrawn or refused, the name of the VATP will be transferred to either the List of licensed VATPs or the List of closing-down VATPs (as the case may be). The SFC has not vetted the fitness and properness of these deemed to be licensed VATPs, and they may not eventually be licensed.
- Investors should be wary of the risks of trading virtual assets on an unregulated VATP (including any on the List of VATP applicants), and may risk losing their entire investment held on the VATP if it ceases operation, collapses, is hacked or suffers from any misappropriation of assets. Seeking recourse against VATPs without a nexus with Hong Kong may be difficult and legal remedies may not be available.
- By publishing the List of VATP applicants, the SFC does not indicate that: (a) any applicant has met the conditions to be deemed to be licensed; (b) it acknowledges the receipt of any applicant’s licence application; or (c) any applicant may be able to comply with the applicable legal and regulatory requirements. The SFC reserves the right to return or refuse the licence application of any VATP applicant and/or issue a no-deeming notice to it.
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