The Securities and Futures Commission of Hong Kong will quickly extend the licensing procedure to new applicants for virtual asset trading platform licenses.

On January 16, the Securities and Futures Commission of Hong Kong announced that all new applicants for virtual asset trading platform licenses can apply for licenses under its expedited licensing process. The new licensing approach requires virtual asset trading platform applicants to first implement internal policies, procedures, systems, and monitoring measures, and then undergo external assessments of these measures. The Securities and Futures Commission of Hong Kong will act as a party to the agreement to supervise the entire external assessment process. The expansion of the expedited licensing process is due to the Securities and Futures Commission of Hong Kong achieving effective results in direct communication and dialogue with relevant applicants on regulatory standards during risk-based on-site inspections of all virtual asset trading platform applicants considered for licensing. Dr. Leung Chee-hang, Executive Director of Intermediaries at the Securities and Futures Commission of Hong Kong, stated that the commission is committed to creating a sound ecosystem and robust regulatory framework for the development of virtual assets in Hong Kong. Through the new approach, the commission will strengthen cooperation with virtual asset trading platform applicants, provide constructive feedback in a timely manner, and enable fully compliant virtual asset trading platforms to start serving investors as soon as possible.