Hong Kong’s Securities and Futures Commission (SFC) has confirmed that a comprehensive regulatory framework for digital assets will be completed next year, according to CEO Liang Fengyi. She also noted that 11 other crypto platforms are in the process of applying for licenses, with the first round of assessments already completed.
SFC Sets Future Goals and Virtual Asset Plan
This year, the Hong Kong Securities and Futures Commission (SFC) celebrates its 35th anniversary, highlighting its commitment to maintaining market fairness while advancing key strategic priorities.
In an interview with Hong Kong 01, SFC CEO Liang Fengyi outlined efforts to strengthen the regulatory framework for virtual asset trading platforms, stating:
The entire framework will be completed at least next year.
Liang also highlighted the push for tokenization of traditional products and the integration of regional chains and web3 technologies. The initiative is part of the SFC’s broader mission to embrace financial innovation and lead the transformation of Hong Kong’s financial markets.
The SFC has set strategic goals for 2024 to 2026, focusing on promoting market resilience, enhancing the global competitiveness of Hong Kong's capital market and improving institutional efficiency.
Regarding virtual asset trading, Liang noted that 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 assessment completed. Liang stated:
Applicants who do not meet the requirements will lose their licensing rights, while applicants who meet the requirements will be granted a conditional license.
The SFC is also developing a licensing system for over-the-counter (OTC) cryptocurrency trading services.
What do you think about the SFC’s approach to regulating the cryptocurrency sector? Let us know in the comments below.
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