Full Consultation conclusions：bit.ly/3IwB27B
1. On 20 February 2023, the Securities and Futures Commission (SFC) issued a
consultation paper1 inviting public comments on proposed regulatory requirements
applicable to licensed virtual asset trading platform operators (VA trading platforms)
as set out in: Guidelines for Virtual Asset Trading Platform Operators (VATP
Guidelines); Guideline on Anti-Money Laundering and Counter-Financing of
Terrorism (For Licensed Corporations and SFC-licensed Virtual Asset Service
Providers) (AML Guideline for LCs and SFC-licensed VASPs); Prevention of Money
Laundering and Terrorist Financing Guideline issued by the Securities and Futures
Commission for Associated Entities of Licensed Corporations and SFC-licensed
Virtual Asset Service Providers (AML Guideline for AEs, together with the AML
Guideline for LCs and SFC-licensed VASPs, the AML Guidelines); and Disciplinary
Fining Guidelines.
2. During the consultation period, which ended on 31 March 2023, the SFC received
152 written submissions from industry and professional associations, professional
firms, consultancy firms, market participants, licensed corporations, individuals and
other stakeholders. A list of respondents (other than those who requested
anonymity) is set out in Appendix E to this conclusions paper.
3. Respondents generally supported the proposed regulatory requirements for licensed
VA trading platforms. Many of the comments sought clarification of the technical and
implementation details. Key comments related to retail access to licensed VA
trading platforms, the criteria for token admission, compensation arrangements for
the risks associated with custody of client assets, trading in virtual asset derivatives,
implementation details and the transitional arrangements. The key comments
received and the SFC’s responses are discussed in this conclusions paper.
4. The SFC has carefully considered the responses and revised the proposed
regulatory requirements where appropriate. The marked-up texts of the revised
proposed regulatory requirements are set out in Appendices A, B and C to this
conclusions paper. We will also issue further guidance and clarifications where
appropriate.
5. The SFC would like to thank all respondents for their time and effort in reviewing the
proposals and providing us with their comments.
6. The revised proposed regulatory requirements will become effective on 1 June 2023.
7. The consultation paper, the responses (other than those from respondents who
requested their submission be withheld from publication) and this conclusions paper
are available on the SFC website at www.sfc.hk
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