The Hong Kong Securities and Futures Commission (SFC) has warned the general public about unlicensed virtual asset trading platforms (VATP), claiming to have submitted license applications with the agency to secure business opportunities. According to the SFC, unlicensed VATPs have been setting up new entities to provide virtual asset services, and their offerings may not comply with legal and regulatory requirements under the agency’s new licensing regime. VATPs are also prone to violating Hong Kong’s Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) whenever they misrepresent their services. Under section 53ZRG of AMLO, an offense is committed if a VATP enters into an agreement to deal with crypto assets through misrepresentation, the Securities and Futures Commission said Monday.
December 12, 2024
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