A new licencing regime for Virtual Asset Trading Platforms (VATP) in Hong Kong came into effect on 1 June 2023. VATPs will need to obtain a license from the Securities and Futures Commissions (SFC) if they want to continue, or start, operations in the city. In May, the SFC issued the Consultation Conclusions followed by a Circular on transitional arrangements to help market players understand the new requirements and the timelines for implementation.
In this brief, KPMG outlines the key changes and obligations of the Consultation Conclusions that market players will need to understand. It also summarises the eligibility and steps that need to be taken during the transitional period by VATP operators in Hong Kong.
