The Securities and Futures Commission (SFC) has issued a warning to unlicensed virtual asset trading platforms (VATPs) engaged in improper practices. These practices include falsely claiming to have submitted license applications to the SFC and offering non-compliant services and products. The SFC emphasizes that making false claims is an offense and evaluates the fitness and suitability of VATPs for licensing based on their past non-compliant activities. Additionally, the SFC reminds VATPs that established entities operating in Hong Kong providing virtual asset services are subject to the new regulatory regime. The SFC cautions investors about the risks of trading virtual assets on unregulated VATPs and advises them to refer to the SFC’s list of licensed platforms for verification.
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