The Hong Kong Securities and Futures Fee plans to approve a batch of latest crypto licenses by the tip of this yr. To date, there are 11 crypto platforms being thought of for licenses.
In an interview with information outlet Hong Kong 01, CEO of the China Securities Regulatory Fee, Liang Fengyi, introduced that the SFC will likely be giving out licenses in batches to Digital Asset Buying and selling Platforms.
The SFC has lately issued three licenses for crypto exchanges working within the area, together with the Hong Kong Digital Asset Alternate, OSL Alternate and HashKey Exchanges.
Aside from the three licensed platforms, 11 different platforms have utilized for an SFC-issued licenses and are presently awaiting approval.
Liang Fengyi defined that regulators have carried out the primary part of on-site opinions and have requested candidates to make the required corrections.
She acknowledged that the SFC goals to make important progress on regulating digital belongings by the tip of the yr, by issuing a batch of licenses for VATPs.
“Applicants who do not meet the requirements will lose their qualifications for licensing, while applicants who meet the requirements will be granted a license conditionally,” stated Fengyi.
As a part of their 2024-2026 technique, Liang Fengyi stated that Hong Kong regulators will promote the event of rules for digital asset buying and selling platforms, help the tokenization of conventional merchandise, and utilizing regional chains and web3 fundamental applied sciences.
“The entire framework will be completed at least next year,” she stated.
With regard to cryptocurrency over-the-counter providers, Liang Fengyi identified that the CSRC has created a brand new licensing system for crypto OTC custody providers to obtain suggestions from business gamers.
In mid Sept. 2024, Hong Kong’s Securities and Futures Fee started working along with the Customs and Excise Division issuing licenses for over-the-counter crypto buying and selling providers. On the time, crypto platforms in Hong Kong struggled to get licenses resulting from not assembly authorities requirements on consumer asset administration and failure to correctly anticipate cybersecurity dangers.
On Sept. 30, ZA Financial institution grew to become the primary digital belongings financial institution in Hong Kong to achieve a license from the SFC after a year-long assessment course of.
Licenses have grow to be important for crypto platforms working in Hong Kong as monetary regulators have tightened restrictions on unlicensed exchanges and the event of a regulated crypto ecosystem.
