Huang Lexin, Director of the Licensing Division and Head of the Financial Technology Group of the Intermediaries Department of the Hong Kong Securities and Futures Commission, said that the Securities and Futures Commission only allows licensed platforms to provide trading of Bitcoin and Ethereum, but prohibits the provision of other services or activities because of the possible involvement of interests. conflict. Huang Lexin pointed out that the platform needs to assess the customer’s knowledge and risk tolerance level of virtual assets. It also needs to set an investment limit for each customer with reference to the customer’s financial and personal situation. It also requires the platform to perform reasonable due diligence before including virtual assets for retail trading. Review and disclose adequate information to investors. Under the new system, virtual asset trading platforms must comply with a number of regulatory requirements, including financial soundness, suitable persons in charge and directors, requirements for platforms to properly safeguard customer assets, know customers, combat money laundering, and prevent market manipulation.
Huang Lexin added that the Hong Kong Securities and Futures Commission has published a list of applicants for virtual asset trading platforms on its website, but the applicants on the list are still applying for licenses and currently do not have a license. If they are not eventually granted a license, they will have to wind down their business in an orderly manner. . On the list of licensed trading platforms are the platforms that actually hold licenses issued by the China Securities Regulatory Commission.
