- Hong Kong's Securities and Futures Commissions (SFC) has determined to difficulty new licenses for crypto exchanges.
- In an effort to control OTC and custody companies, the China Securities Regulatory Fee has developed a brand new licensing system.
- Cryptocurrency adoption continues to skyrocket in Hong Kong, market analysis has discovered.
Hong Kong's Securities and Futures Fee (SFC) is ready to difficulty new licenses for cryptocurrency exchanges and crypto-related corporations this 12 months.
The announcement is according to the SFC's 2024 to 2026 objectives, which embody, amongst different issues, bettering Hong Kong's capital market surroundings to boost international competitiveness and spearhead the know-how and ESG transformation of Hong Kong's monetary market.
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 has already issued licenses to 3 crypto exchanges: OSL Trade, HashKey Trade and Hong Kong Digital Asset Trade (HKVAX).
Fengyi additionally emphasised the significance of strengthening the present regulatory system for digital asset buying and selling platforms, selling the tokenization of conventional merchandise, and the adoption of regional chains and Web3 applied sciences. These steps are essential to the transformation of Hong Kong's monetary market.
The China Securities Regulatory Fee will concentrate on custody and OTC companies
At the moment, 11 exchanges are searching for licenses from the SFC. Offering some perception into the licensing course of, Fengyi stated the primary stage of on-site inspection is full and candidates have been requested to make sure adjustments to their purposes.
The SRC's final aim is to make important progress by the tip of the 12 months, and issuing licenses in batches is likely one of the many milestones it goals to realize.
“Candidates who don’t meet the necessities will lose their license {qualifications}, whereas candidates who do meet the necessities might be granted a license conditionally.” Liang Fengyi claimed.
Bringing readability to over-the-counter (OTC)-related companies, Fengyi defined that the China Securities Regulatory Fee has developed a brand new licensing system designed for OTC and cryptographic companies.
It’s value noting that cryptocurrency adoption in Hong Kong is rising this 12 months. In line with the International Cryptocurrency Adoption Index Rankings 2024 printed by Chainalysis, Hong Kong has seen the very best development in cryptocurrency exercise within the East Asia area.
Disclaimer: The data offered on this article is for informational and academic functions solely. This text doesn’t represent monetary recommendation or recommendation of any variety. Coin Version shall not be chargeable for any losses incurred on account of the usage of stated content material, services or products. Readers are suggested to train warning earlier than taking any motion associated to the Firm.
