The scope of restrictions is proposed to be extended to assets that can be traded or settled on virtual asset platforms, as the Hong Kong SFC advances legislative amendments

Odaily reports: On November 6, the Hong Kong Securities and Futures Commission (SFC) published a consultation conclusion proposing, under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, to restrict unregulated entities from using names that may mislead the public into believing they are regulated. The relevant restrictions are proposed to be extended to virtual asset trading platforms, as well as virtual assets that are not related to securities or futures contracts but can be traded or settled through virtual asset trading platforms. The proposals received broad market support. The SFC will further finalize the amendment bills to the Securities and Futures Ordinance and the Anti-Money Laundering Ordinance, and submit them to the Legislative Council for deliberation and approval.