Hong Kong Regulator Ramps Up Crypto Exchange License Scrutiny with On-Site Inspections

IconCryptoNewsTerminal Staff29 May, 2024

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Hong Kong Regulator Ramps Up Crypto Exchange License Scrutiny with On-Site Inspections

Hong Kong's Securities and Futures Commission (SFC) is stepping up its oversight of cryptocurrency exchanges seeking Virtual Asset Trading Platform (VATP) licenses. Starting June 1, the SFC will conduct on-site inspections to evaluate exchanges' compliance with regulatory requirements, with a focus on customer asset protection and know-your-customer (KYC) measures. This move signals the SFC's commitment to ensuring the integrity and security of the crypto ecosystem in Hong Kong.