Hong Kong plans to issue licenses to 11 cryptocurrency asset platforms by the end of the year to strengthen its cryptocurrency market supervision. Fung-yee Leung, CEO of the Hong Kong Securities and Futures Commission, said that the relevant regulatory framework is expected to be completed next year, and the third license has been issued to the Hong Kong Virtual Asset Exchange. OSL Exchange and HashKey Exchange are other licensed companies. The first phase of on-site review has been launched, and applicants who meet the standards will receive conditional licenses, while those who do not will lose their qualifications. In addition, the Securities and Futures Commission is soliciting opinions on a new licensing system for cryptocurrency-related services to promote financial innovation.

Hong Kong is stepping up its cryptocurrency game, and in an effort to further elevate it, 11 crypto asset platforms in the city are expected to receive licenses by the end of this year.

On October 7, Hong Kong Securities Regulatory Commission Chief Executive Officer Leung Fung-yee said in an interview with (Hong Kong 01) that the regulatory system for virtual asset trading platforms will be promoted, the tokenization of traditional products will be supported, and the three basic technologies of regional chains and Web will be utilized. "The entire framework will be completed at least next year."

Feng Yi stated on the virtual asset trading platform that the Hong Kong Securities and Futures Commission has issued a third license to the Hong Kong Virtual Asset Exchange (HKVAX). The other two licensed companies are OSL Exchange and HashKey Exchange.

Fengyi revealed that nearly 11 platforms were considered as licensed applicants and licenses will be issued in stages. She added that the first phase of on-site review has been launched, requiring companies applying for licenses to make some rectifications. Fengyi warned that "applicants who do not meet the requirements will lose their license eligibility, and applicants who meet the requirements will be conditionally licensed."

Liang Fengyi said that the SFC has sought industry opinions on the new licensing system for over-the-counter cryptocurrency trading services and cryptocurrency custody services.

Fengyi believes that embracing financial innovation, promoting the development of a regulatory system for virtual asset trading platforms, and leading the transformation of the financial market.