- Hong Kong's Securities and Futures Commissions (SFC) is about to concern new licenses for crypto exchanges.
- In an effort to manage over-the-counter and custody companies, the China Securities Regulatory Fee has developed a brand new licensing system.
- Market analysis reveals that the adoption of cryptocurrencies in Hong Kong has continued to soar.
Hong Kong's Securities and Futures Fee (SFC) is about to concern new licenses for cryptocurrency exchanges and cryptocurrency-related corporations this yr.
This announcement aligns with the SFC's goals for 2024 to 2026, which embody enhancing Hong Kong's capital market panorama to strengthen international competitiveness and spearheading the transformation of Hong Kong's monetary market with, amongst others, expertise and ESG.
Leung Fengyi, CEO of the China Securities Regulatory Fee, spoke about efforts to enhance the Digital Asset Buying and selling Platform (VATP). He famous that the SFC had already issued licenses to 3 crypto exchanges: OSL Change, HashKey Change and Hong Kong Digital Asset Change (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 to remodeling Hong Kong's monetary market.
China Securities Regulatory Fee to concentrate on custodial and over-the-counter companies
At the moment, 11 exchanges are making use of for licenses from the SFC. Fengyi supplied some data on the licensing course of, stating that the primary section of on-site evaluation has been accomplished and candidates have been requested to make some modifications to their functions.
The SRC's final objective is to make vital progress earlier than the top of the yr, and batch licensing is one in all a number of milestones it plans to attain.
“Candidates who don’t meet the necessities will lose their {qualifications} for licensing, whereas candidates who meet the necessities can be conditionally granted a license.” Liang Fengyi mentioned.
Bringing readability to over-the-counter (OTC)-related companies, Fengyi defined {that a} new licensing system designed for over-the-counter and crypto custody companies has been developed by the China Securities Regulatory Fee. securities.
It’s price noting that the adoption of cryptocurrencies in Hong Kong has elevated this yr. In keeping with the 2024 International Cryptocurrency Adoption Index rankings launched by Chainalysis, Hong Kong recorded the best progress in cryptocurrency actions within the East Asia area.
Disclaimer: The data introduced on this article is for informational and academic functions solely. The article doesn’t represent monetary recommendation or recommendation of any sort. Coin Version is just not answerable for any losses ensuing from the usage of the content material, services or products talked about. Readers are suggested to train warning earlier than taking any motion associated to the corporate.
