Hong Kong’s Securities and Futures Commission (SFC) has confirmed that the full regulatory framework for digital assets is set to be completed by next year, according to CEO Liang Fengyi. She also noted that 11 more crypto platforms are in the process of applying for licenses, with the first round of assessments already finished.
Hong Kong's Crypto Framework Near Completion — 11 Platforms Awaiting Approval
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SFC Sets Future Goals and Virtual Asset Plans
The Hong Kong Securities and Futures Commission (SFC) is marking its 35th anniversary this year, emphasizing its commitment to maintaining market fairness while advancing key strategic priorities.
SFC CEO Liang Fengyi outlined efforts to strengthen the regulatory framework for virtual asset trading platforms in an interview with Hong Kong 01, stating:
The entire framework will be completed at least next year.
Liang also highlighted the promotion of tokenization for traditional products and the incorporation of regional chains and web3 technologies. This initiative forms part of the SFC’s broader mission to embrace financial innovation and lead Hong Kong’s financial market transformation.
The SFC has set strategic goals for 2024 to 2026, focusing on boosting the resilience of the market, enhancing the global competitiveness of Hong Kong’s capital market, and improving institutional efficiency.
Concerning virtual asset trading, Liang noted the commission has granted licenses to three platforms: Hong Kong Virtual Asset Exchange (HKVAX), OSL Exchange, and HashKey Exchange. Additionally, she revealed that 11 other platforms are currently in the process of applying for licenses, with the first phase of reviews already completed. Liang stated:
Applicants who do not meet the requirements will lose their qualifications for licensing, while applicants who meet the requirements will be granted a license conditionally.
The SFC is also developing a licensing system for cryptocurrency over-the-counter (OTC) services.
What do you think about the SFC’s approach to regulating the crypto sector? Let us know in the comments section below.
