Hong Kong’s Securities and Futures Fee (SFC) is on the point of difficulty new licenses for cryptocurrency exchanges and crypto-related corporations this 12 months.
The announcement aligns with the SFC’s 2024 to 2026 objectives, which embrace enhancing the panorama of Hong Kong’s capital market to strengthen world competitiveness and spearheading the transformation of Hong Kong’s monetary market with expertise 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 Give attention to Custody and OTC Providers
Presently, 11 trade platforms are searching for licenses from the SFC. Fengyi supplied some insights into the licensing course of, stating that the primary section of the on-site evaluate is full, and the candidates have been requested to make some modifications to their purposes.
The top objective for the SRC is to make important progress earlier than the tip of the 12 months, and issuing licenses in batches is without doubt one of the many milestones it intends to realize.
“Candidates who don’t meet the necessities will lose their {qualifications} for licensing, whereas candidates who meet the necessities shall be granted a license conditionally.” Liang Fengyi asserted.
Bringing readability to over-the-counter (OTC) associated providers, Fengyi defined {that a} new licensing system designed for OTC and crypto custody providers has been developed by the Chinese language Securities Regulatory Fee.
It’s value noting that Cryptocurrency adoption in Hong Kong has been on the rise this 12 months. In response to the 2024 World Cryptocurrency Adoption Index Rankings revealed by Chainalysis, Hong Kong has recorded the best progress in cryptocurrency actions within the East Asian area.
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