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- Hong Kong’s Securities and Futures Commissions (SFC) set to concern new licensing for crypto exchanges.
- In a bid to manage OTC and Custody companies, the Chinese language Securities Regulatory Fee has developed a brand new licensing system.
- Market analysis finds that adoption for cryptocurrency in Hong Kong has continued to soar.
Hong Kong’s Securities and Futures Fee (SFC) is on the brink of concern 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 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 Alternate, HashKey Alternate, and the Hong Kong Digital Asset Alternate (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 Concentrate on Custody and OTC Providers
Presently, 11 alternate platforms are in search of 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 adjustments to their functions.
The top purpose for the SRC is to make important progress earlier than the top of the yr, 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 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. Based on the 2024 International 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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