Hong Kong regulator says unlicensed VASPs must cease operations by May
The Secretary for Financial Services and the Treasury, Christopher Hui, wrote in a blog that unlicensed service providers must submit an application for licensing by Feb. 29.
The Hong Kong government’s financial services department highlighted the Feb. 29 deadline for unlicensed virtual asset service providers (VASP) applications and said those not approved must cease operations by May 31.
In an official blog post, Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, wrote that since some VASPs were operating in Hong Kong before the Securities and Futures Commission (SFC) established a licensing system, there will be a transitional period, allowing the VASPs to apply for a license.
“If these service providers would like to continue their operations in Hong Kong, they have to submit their license applications by 29 February this year,” Hui added.
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