Hong Kong’s SFC has issued a Circular on the implementation of its new licensing regime for centralised virtual asset trading platform operators which took effect on 1 June 2023 highlighting various SFC-issued materials aimed at assisting licence applicants and providing guidance on licensed platform operators’ ongoing reporting and notification requirements. The new materials include an SFC Handbook for Virtual Asset Trading Platform Operators and frequently asked questions (FAQs) on licensing and conduct related matters. In particular, the FAQs give details of the new Managers-In-Charge of Core Functions regime for licensed VASPs, the required qualifications for VASP responsible officers, the conditions imposed on VASP licences, and the events requiring prior SFC approval or notification to the SFC.
