According to TechFlow, the Hong Kong Securities and Futures Commission (SFC) proposed four major strategic priorities in celebration of its 35th anniversary, emphasizing that it will promote the regulatory system for virtual asset trading platforms, support the tokenization of traditional products, and use blockchain and Web 3 technologies, and plans to complete the relevant framework next year.

SFC CEO Leung Fung-yee mentioned that 11 platforms have applied for licenses and are currently in the first phase of review. It is expected that there will be new progress before the end of the year, including the possibility of licensing in batches. In addition, the SFC has also formulated a new licensing system for cryptocurrency over-the-counter trading and custody services, and solicited opinions from the industry.