Hong Kong Will Inspect Offices of Crypto Platforms as Important Compliance Deadline Looms

Hong Kong's Securities and Futures Commission (SFC) will conduct on-site inspections of those crypto trading platforms interested in continuing to pursue their licensing applications as a key deadline looms, the regulator announced Tuesday. By June 1, 2024, all crypto platforms providing trading services known as virtual asset trading platforms (VATPs) in Hong Kong must be either licensed by the SFC or “deemed-to-be-licensed,” which is a temporary arrangement during the process to get fully compliant. Notably, by June 1, it will be clear how many of the 18 entities remain in the SFC system as "deemed-to-be-licensed."

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