Hong Kong SFC to conduct on-site office inspections of cryptocurrency platforms applying for licenses

ChainCatcher news, the Hong Kong Securities and Futures Commission (SFC) recently announced that it will conduct on-site office inspections on cryptocurrency platforms applying for licenses.

The regulator emphasized that the 18 "deemed to have obtained a license" applicants will have to undergo inspections to obtain approval for their applications. The inspection will be carried out in the coming months, when the VATP applicants deemed to have obtained a license will submit their applications. The on-site inspection will focus on the cryptocurrency platform's protection of customer assets and the Know Your Customer (KYC) process to determine whether the company meets the regulatory requirements of the Securities and Futures Commission.

The regulator also reminded applicants that they must comply with all regulatory requirements and licensing conditions of the SFC during the application process. These conditions include prohibiting mainland Chinese residents from accessing the platform's virtual asset-related services, marketing its services, or attracting retail users.