Hong Kong SFC to Conduct Compliance Checks on Crypto Firms After Licence Deadline

The Hong Kong Securities and Futures Commission is taking decisive steps to ensure the integrity of its financial markets.Following the recent deadline for cryptocurrency firms to obtain licences, the SFC will conduct rigorous compliance checks on these entities. This move is part of a broader effort to enhance regulatory oversight and protect investors in the rapidly evolving digital asset sector. On May 28 2024, the SFCcrypto companies about their requirement to get licensed before June.

The licensing regime requires crypto firms to adhere to strict standards regarding capital requirements, cybersecurity measures, and anti-money laundering protocols. By enforcing these standards, the SFC aims to mitigate risks associated with crypto trading, such as fraud, market manipulation, and illicit financial activities. The compliance checks are designed to verify that licensed firms adhere to these requirements and identify potential non-compliance areas.

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