Hong Kong SFC To Conduct On-Site Inspections Of Local VATPs

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The Hong Kong SFC is to conduct on-site inspections of the local virtual asset trading platforms still going through the regulatory applications after the licensing deadline. The SFC has reminded crypto companies of the requirement to get licensed before June. After June 1, operating an unlicensed VATP in Hong Kong would be a criminal offense. A total of 11 crypto companies and exchanges withdrew their applications ahead of the deadline, with 18 applications pending approval. Only OSL Digital Securities Limited and Hash Blockchain Limited have been granted a license to operate in Hong Kong.