Hong Kong’s Securities and Futures Commission (SFC) has issued a directive requiring unregistered Virtual Asset Trading Platforms (VATPs) to apply for licensing by February 29 or cease operations by May 31, as per a notice dated February 5.

The financial regulator emphasized this deadline for cryptocurrency trading firms and urged investors to utilize licensed platforms. Starting March 1, crypto traders can verify the regulatory status of these platforms through the SFC’s “List of licensed virtual asset trading platforms” or the “List of virtual asset trading platform applicants.”

Last year, Hong Kong implemented a cryptocurrency licensing framework for virtual asset trading platforms, enabling licensed exchanges to offer retail trading services. To date, the city-state has licensed two platforms, HashKey and OSL, and is currently reviewing applications from 14 other entities, including OKX, Bybit, and HKVAEX. The SFC cautioned that submitting an application does not guarantee approval and advised investors to exercise caution when engaging with these platforms.

These measures underscore Hong Kong’s commitment to fostering a regulated and supportive environment for cryptocurrency. Recently, the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) released a comprehensive regulatory framework for stablecoins. Furthermore, authorities have expressed readiness to support spot Bitcoin exchange-traded fund (ETF) products, solidifying Hong Kong’s position in the dynamic crypto landscape.