Matrixport Files Virtual Asset Trading License Application with Hong Kong SFC

Matrixport Recordsdata Digital Asset Shopping and selling License Software with Hong Kong SFC

Matrixport utilized for a virtual asset shopping and selling license with Hong Kong’s securities regulator on Feb. 26.

A roster printed on the Securities and Futures Price online page confirmed that the platform’s Hong Kong-based division is opinion as Flying Hippo Applied sciences.

Presently, 21 firms secure utilized for a VA shopping and selling license in Hong Kong. Amongst them are Crypto.com, Bixin, HKVAX, DFX Labs, Bullish, WhaleFin. HTX (previously Huobi Global), resubmitted its utility after at the initiating withdrawing on Feb. 23. Moreover, two numerous corporations, AMMBR and BitHarbour, had withdrawn their purposes earlier.

Currently, only two platforms—OSL Digital Securities and Hash Blockchain—secure been licensed by the SFC.

Matrixport’s filing comes because the closing date nears for Hong Kong-based VA shopping and selling platforms to file purposes for a license. Failure to post by Feb. 29 will end result in obligatory discontinuance of operations by the tip of May perhaps also.

Earlier this three hundred and sixty five days, Matrixport accurately predicted that Bitcoin would reach $50,000 following the SEC’s approval of Bitcoin Space ETFs. As of early Wednesday, the crypto traded at about $57,062.

Unlicensed Crypto Exchanges in Hong Kong Face Appropriate kind Circulate

Last three hundred and sixty five days, Hong Kong’s SFC equipped stricter rules for digital asset corporations. This integrated a licensing system for cryptocurrencies, which came into discontinue in June. This advancement enabled retail cryptocurrency shopping and selling after a worldly duration for the alternate, marked by the give plan of the FTX crypto trade.

Now not making expend of for a license might perhaps perhaps well perhaps end result in fines and conceivable imprisonment. Moreover, unlicensed crypto exchanges might perhaps perhaps well perhaps stumble upon criminal prices for actively promoting companies and products via influencers and over-the-counter virtual asset cash changers. Crypto trade JPEX serves as an illustration of this.

Committing false or unfounded acts with virtual assets is deemed a violation below the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). Breaches of the AMLO might perhaps perhaps well perhaps discontinue up in noteworthy penalties, alongside with fines of up to $10,000,000 and imprisonment for a most of 10 years upon conviction.

SFC Urges Investors to Check Platforms

In December, the SFC SFC issued a public warning regarding conceivable virtual asset scams related with entities named “HongKongDAO” and BitCuped. The regulator suspected these entities of distributing mistaken and unfounded records via online platforms.

Individually, the regulator knowledgeable crypto merchants to unbiased expend licensed platforms and to verify the legitimacy of the exchanges they register with.

“Investors need to examine the regulatory plight of a VATP as soon as rapidly and in any match on 1 March 2024,” the SFC acknowledged.

Source : cryptonews.com