"Make virtual asset licence applicants public"
Experts called on the local financial watchdog on Saturday to disclose the list of virtual asset investment platforms that are currently applying for an official licence, to help investors make informed decisions. The suggestion comes after the unlicensed JPEX cryptocurrency exchange case reportedly saw a loss of around 1.3 billion Hong Kong dollars and resulted in 11 arrests for suspected conspiracy to defraud. Lawmaker Johnny Ng, who's helping the alleged victims of the case, said the Securities and Futures Commission (SFC) has allowed a grace period in which some virtual asset trading platforms can continue providing services without a licence until June next year. "I've always been concerned about the next steps because there are still nine months existing in a vacuum," Ng said in a RTHK programme. "In fact, reports are saying that there are fifteen active [virtual asset trading platforms] in Hong Kong in a similar situation. Did they apply for a licence? Actually, no one knows," He added. Ng said the regulator should include a list of platforms that are currently applying for, or have been denied a licence, adding that investors should only invest through licensed platforms. On Saturday, only two virtual asset trading platforms are listed as licensed on the regulators' website. Emil Chan, co-chairman of the Hong Kong Digital Finance Association, told the same programme that it's crucial to disclose the list of current licence applicants. Chan said the SFC should also specify that the list only includes pending applications, not those that have already been approved.