Hong Kong’s Securities and Futures Fee (SFC) is on the brink of problem new licenses for cryptocurrency exchanges and crypto-related firms this yr.
The announcement aligns with the SFC’s 2024 to 2026 targets, which embody enhancing the panorama of Hong Kong’s capital market to strengthen world competitiveness and spearheading the transformation of Hong Kong’s monetary market with know-how and ESG, amongst different issues.
Leung Fengyi, CEO of China’s Securities Regulatory Fee, spoke in regards to the efforts to enhance the Digital Asset Buying and selling Platform (VATP). He famous that the SFC has already issued licenses to 3 crypto exchanges: OSL Trade, HashKey Trade, and the Hong Kong Digital Asset Trade (HKVAX).
Fengyi additionally highlighted the significance of strengthening the present regulatory system for digital asset buying and selling platforms, supporting the tokenization of conventional merchandise, and adopting regional chains and Web3 applied sciences. These steps are essential for remodeling Hong Kong’s monetary market.
China’s Securities Regulatory Fee to Deal with Custody and OTC Companies
Presently, 11 change platforms are searching for licenses from the SFC. Fengyi offered some insights into the licensing course of, stating that the primary part of the on-site assessment is full, and the candidates have been requested to make some modifications to their functions.
The top aim for the SRC is to make vital progress earlier than the top of the yr, and issuing licenses in batches is among the many milestones it intends to achieve.
“Candidates who don’t meet the necessities will lose their {qualifications} for licensing, whereas candidates who meet the necessities will probably be granted a license conditionally.” Liang Fengyi asserted.
Bringing readability to over-the-counter (OTC) associated companies, Fengyi defined {that a} new licensing system designed for OTC and crypto custody companies has been developed by the Chinese language Securities Regulatory Fee.
It’s price noting that Cryptocurrency adoption in Hong Kong has been on the rise this yr. In accordance with the 2024 International Cryptocurrency Adoption Index Rankings printed by Chainalysis, Hong Kong has recorded the best development in cryptocurrency actions within the East Asian area.
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