A total of eleven crypto asset companies and exchanges have withdrawn license applications ahead of the deadline.
The Hong Kong Securities and Futures Commission (SFC) has said it will “conduct on-site inspections” of local virtual asset trading platforms (VATPs) that are still going through their regulatory applications after a June 1 licensing deadline.
The SFC reminded crypto companies on May 28 about their requirement to get licensed before June. After the deadline, all local crypto trading platforms must either be licensed or “deemed-to-be-licensed” by the SFC.
Deemed-to-be-licensed applicants will fall under a short-term framework designed for crypto firms that were already operating in the region before the licensing regime was enacted.
