According to Odaily, the Securities and Futures Commission (SFC) of Hong Kong has issued a statement regarding the end of the grace period for virtual asset trading platforms operating in the region. The SFC has reminded the public that the grace period, applicable under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615), will conclude on June 1, 2024.
All virtual asset trading platforms operating in Hong Kong must be licensed by the SFC under the Anti-Money Laundering Ordinance, or be considered as 'treated as licensed' virtual asset trading platform applicants. Operating a virtual asset trading platform in violation of the Anti-Money Laundering Ordinance in Hong Kong is a criminal offense, and the SFC will take all appropriate actions against any illegal activities.