Leung Fung-yee, chief executive of the Hong Kong Securities and Futures Commission, said that relevant service providers must end their operations in Hong Kong on or before May 31 if they do not submit a license application. The list of applicants is expected to be updated tomorrow.
She attended an event and said that the China Securities Regulatory Commission issued a circular on tokenized approved investment products in November last year, providing very clear guidelines for intermediaries and private equity funds engaged in tokenized securities activities, covering due diligence, risk Disclosure requirements, etc.
She reiterated that the China Securities Regulatory Commission’s regulatory principles for tokenized securities products are “same business, same risks, same rules.” (RTHK website)
According to previous news, the Hong Kong Securities and Futures Commission (SFC) stated that according to the transitional arrangement, if a virtual asset trading platform operating in Hong Kong does not submit a license application to the SFC on or before February 29, 2024, it will have to apply for a license on May 31, 2024. or before winding up its operations in Hong Kong.
Investors should check the regulatory status of their virtual asset trading platforms and should make preparations before May 31, 2024, such as ending their presence on the "List of Licensed Virtual Asset Trading Platforms" or the "List of Applicants for Virtual Asset Trading Platforms" "Account on a virtual asset trading platform, or transfer to a virtual asset trading platform licensed by the China Securities Regulatory Commission to buy and sell virtual assets.