Goodbye SMS: Hong Kong Regulator Mandates Hardcore Anti-Phishing Rules for Crypto Platforms
Hong Kong's Securities and Futures Commission (SFC) has issued a major crackdown on digital security vulnerabilities. The regulator has officially ordered all virtual asset trading platforms (VATPs) and online brokers to adopt phishing-resistant authentication methods within a strict 12-month deadline to safeguard user assets.
Moving beyond traditional security, the new mandate prohibits the use of one-time passwords (OTP) via SMS, email, or standard app-based logins. Instead, platforms must pivot to advanced solutions such as passkeys, hardware security keys, and cryptographic device binding, setting a high-security benchmark for the global crypto industry.
The new standards require stronger phishing-resistant authentication methods and device binding while prohibiting the use of one-time passwords through SMS, email, or app-based logins. The requirements outline stronger alternatives such as passkeys, registered devices with cryptographic verification, and hardware security keys, which the SFC described as essential phishing-resistant solutions.
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