Hong Kong has committed to accelerating the licensing process for crypto trading platforms as the region continues its efforts to become a cryptocurrency hub.
Joseph Chan, Acting Secretary for Financial Services and the Treasury (FSTB), stated that the Securities and Futures Commission is planning to implement a 'fast licensing process' and establish an 'advisory board,' which is expected to be operational early next year, to support licensed trading platforms.
Joseph Chan
Hong Kong has opened its doors to welcome crypto companies. In June 2023, it officially started the licensing regime for crypto platforms, allowing licensed exchanges to provide retail trading services. The regulator has granted licenses to OSL Exchange, HashKey Exchange, and HKVAX.
In addition to managing crypto transactions, the government has also planned to regulate stablecoins. Accordingly, consultation documents related to the management of stablecoin issuers referenced by fiat money have been published. Chan stated that the FSTB intends to present related legislation to the Legislative Council 'this month' in response to a question from Hong Kong lawmaker Johnny Ng. According to the consultation contents, this proposal will require all stablecoin issuers to register and apply for a license from the Hong Kong Monetary Authority (HKMA).
Meanwhile, authorities are also focusing on crypto custody services. Chan noted that regulators will propose licensing for crypto custody providers next year.
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