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SFC Publishes Fresh Guidance for Virtual Asset Exchange Licensing

Hong Kong has a rigorous licensing and compliance framework for virtual asset exchanges, as we summarised in our KWM 2023 Guide to VATP Licensing. The Securities and Futures Commission (SFC) has recently published fresh guidance on Hong Kong’s virtual asset trading platform (VATP) regime, in three key documents. These are as follows: Announcement: SFC’s extension of the swift licensing process to new VATP applicants (Swift Licensing Process). Circular: Circular to new VATP operators seeking to be licensed: enhanced licensing process and revamped external assessments (Updated Licensing and Assessments Circular). Circular: Circular on findings from inspections on deemed-to-be-licensed VATP applicants and expected standards of conduct for VATP operators (Expectations and Observations Circular). This article sets out a summary of these important materials. Please contact us if you have any questions about the VATP regime. We have supported several applicants and would be delighted to assist you.

14 February 2025
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