The Hong Kong Securities and Futures Commission (SFC) announced in a press release today that the one-year transition period for Virtual Asset Service Providers (VASPs) licensing is coming to an end. All Hong Kong VASPs must submit their license applications by February 29th of this year. Otherwise, they will need to cease their operations in Hong Kong by May 31st.
Background:
Bybit Exchange officially applies for Hong Kong VASP license
The Hong Kong government officially opened the VASP license application on June 1st last year. In late September, they began disclosing the status of applications, including a list of licensed platforms, platforms that have applied for licenses, and platforms that have ceased operations.
The Hong Kong Treasury Department has stated that VASPs must either apply for a license by the end of February or cease their operations in Hong Kong by May 31st.
According to the SFC’s press release today, the one-year transition period for VASPs licensing is ending. All Hong Kong VASPs must submit their license applications by February 29th of this year. Otherwise, they must cease their operations in Hong Kong by May 31st, 2024.
The SFC also reminded investors about the current status of VASP license applications, with two platforms, HashKey Exchange and OSL Exchange, having received formal licenses from the SFC. These platforms are required to conduct due diligence and ensure that the assets listed meet token inclusion criteria before providing trading services. They must also obtain SFC approval and disclose sufficient information to investors.
There are currently 14 companies awaiting VASP license approval, including OKX, Bybit, PantherTrade, BGE, HKbitEX, HKVAX, VDX, Meex, and others.
Notably, well-known platforms such as Binance, Huobi, and Gate.io, which were previously reported to be taking action, have not appeared on the SFC’s list.
Extended reading:
Over 10 cryptocurrency firms express intention to apply for Hong Kong license, including Binance, OKX, HTX, but fail to follow through.
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Submitted VASPs applications. Image source: Hong Kong Securities and Futures Commission
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