Hong Kong authorities said they may take enforcement action, as needed, against some payment platforms that are registered only as fintech companies and do not hold any financial license. Acting Secretary for Financial Services and the Treasury Joseph Chan said any action would be taken under the city’s statutory regulatory framework to help maintain financial stability and protect customers and the public. Under Hong Kong’s Payment Systems and Stored Value Facilities Ordinance, issuing or operating a stored value facility in Hong Kong without a license is illegal unless a statutory exemption applies. Chan added that when suspected unlicensed operations or other violations of the ordinance are identified, the Hong Kong Monetary Authority will step in directly. Depending on the nature of the case, it may also work with other relevant regulators and, when necessary, refer the matter to law enforcement agencies.
On Oct. 8, Acting Secretary for Financial Services and the Treasury Joseph Chan said Hong Kong may take appropriate enforcement action, as needed, against some payment platforms that are registered only as fintech companies and have not obtained any financial license. He said such action would be taken under the relevant statutory regulatory framework to maintain financial stability and protect customers and the public.
Operating stored value facilities without a license is illegal
Under Hong Kong’s Payment Systems and Stored Value Facilities Ordinance, it is illegal for any person to issue or operate a stored value facility in Hong Kong without a license unless a statutory exemption applies.
HKMA may intervene directly in suspected cases
Chan said that if suspected unlicensed operations or violations of the Payment Ordinance are found, the Hong Kong Monetary Authority will intervene directly. Depending on the nature of the case, it may also coordinate with other relevant regulators and, when necessary, refer the case to law enforcement authorities.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
