SFC Hong Kong: Apply for Crypto License by Feb 29, Cease Unlicensed Operations by May 31

According to official information, the Securities and Futures Commission (SFC) of Hong Kong has stated that crypto asset trading platforms operating in Hong Kong, under the transitional arrangements, must either submit a licensing application to the SFC by February 29, 2024, or cease operations in Hong Kong by May 31, 2024.

Investors are advised to check the regulatory status of their crypto asset trading platforms and should be prepared by May 31, 2024. This preparation may include closing their accounts on platforms not on the “Licensed Crypto Asset Trading Platforms List” or “Crypto Asset Trading Platform Applicant List,” or transferring to crypto asset trading platforms licensed by the SFC.

For applicants on the “Crypto Asset Trading Platform Applicant List” whose applications are still under process, the approval status is uncertain, and trading on these platforms carries risks.

The SFC strongly urges investors to trade crypto assets only on platforms licensed by the SFC, as trading on unlicensed platforms may leave them unprotected.