On 20 February 2023, the Securities and Futures Commission (SFC) published its proposed rules for virtual asset trading platforms (VATP), which are to take effect on 1 June 2023. The proposed regime incorporates certain existing requirements under the existing VATP terms and conditions and guidelines for SFC-licensed firms. The new regime requires VATPs to obtain a license to continue providing services, or prepare to cease business operations, and are intended to facilitate VATPs preparation for the upcoming Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) (Amendment) Bill (AMLO VASP regime).
In this brief, KPMG outlines the proposed regulatory requirements, and outlines the next steps potential applicants should consider now in preparing their application.
