Hong Kong Securities and Futures Commission Ye Zhiheng: More new virtual asset platform licenses will be issued soon.

Recently, Ye Zhixing, Executive Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission (Chairman of the FinTech Consultation Group), revealed that a new virtual asset platform license will soon be issued, and it is believed that there will be good news in the first quarter. He also mentioned that last year, almost all applicants had undergone on-site inspections, giving regulators the opportunity to express their requirements and platforms the time to respond. The industry believes that direct communication can expedite the licensing process. Ye Zhixing stated that there is no guarantee that all 11 current applications will be approved, as regulatory red lines must be respected, including investor protection and network security requirements for operators. However, he hopes that in one or two months, there will be good news. Previously, the Hong Kong Securities and Futures Commission announced plans to establish a consultation group for all licensed platforms by early 2025 in order to ensure that industry perspectives are considered in the policy-making process. Ye Zhixing mentioned that senior executives of licensed platforms have been invited to participate, with the expectation that representatives from each platform will attend the first meeting expected to be held after the Lunar New Year in the first quarter.