ICYMI: Hong Kong regulator warns ‘improper practices’ by crypto exchanges can be ‘criminal’
The Hong Kong Securities and Futures Commission said today that license applicants who violate relevant regulations may not be granted a license under the new regime for crypto retail trading.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.
“It is an offence for any person to make a fraudulent or reckless misrepresentation for the purpose of inducing another person to trade in virtual assets,” the SFC said. The regulator also warned that license applicants who violate relevant regulations during a transitional period may not be granted a license.
“It has come to the attention of the SFC that, anticipating the transitional arrangements, some unlicensed VATPs set up new entities to provide virtual asset services in Hong Kong,” the regulator said. “For example, they may, under new or existing entities, launch certain virtual assets for trading by retail clients, trading services in virtual asset derivatives, or arrangements involving virtual assets such as virtual asset ‘deposits,’ ‘savings” or ‘earnings’ which are not allowed under the new regime,” it added.
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