The Hong Kong Securities and Futures Commission (SFC) announced that it will no longer require a 12-month track record for stablecoins and virtual as
on November 3, the Hong Kong Securities and Futures Commission issued two new guidelines for licensed virtual asset trading platforms. The Hong Kong Securities and Futures Commission stated in the "Circular on the Extension of Products and Services of Virtual Asset Trading Platforms" that it no longer requires virtual assets (including stablecoins) sold to professional investors on virtual asset trading platforms to have a track record of 12 months. In addition, stablecoins issued by licensed stablecoin issuers do not need to meet the requirement of a 12-month track record. Although the requirement for a 12-month track record for products provided to professional investors has been removed, the Commission reiterated: a) virtual asset trading platforms should conduct all reasonable due diligence on virtual assets (including stablecoins) before including them for trading, and ensure that they continue to comply with all inclusion criteria formulated by the Token Inclusion and Review Committee; and b) virtual asset trading platforms should make full disclosure if they offer virtual assets (including stablecoins) with a track record of less than 12 months to professional investors on their platforms.
