【Web3.0】Hong Kong's cryptocurrency framework is about to be completed - 11 platforms awaiting approval

Hong Kong Securities and Futures Commission (SFC) CEO Leung Fung-yee said the commission has confirmed that a comprehensive regulatory framework for digital assets will be completed next year. She also noted that another 11 crypto platforms are applying for licenses and the first round of assessments have been completed. SFC sets future goals and plans for virtual assets The Hong Kong Securities and Futures Commission (SFC) celebrates its 35th anniversary this year, emphasizing its commitment to maintaining market fairness while advancing key strategic priorities. In an interview with Hong Kong 01, SFC CEO Leung Fung-yee outlined efforts to strengthen the regulatory framework for virtual asset trading platforms, saying: The entire framework will be completed at least next year. Mr. Leung also emphasized the promotion of tokenization of traditional products and the integration of regional chains and web3 technologies. This 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 enhancing market risk resistance, enhancing the global competitiveness of Hong Kong's capital markets, and improving institutional efficiency. Regarding virtual asset trading, Ms. Liang pointed out that the SFC has issued licenses to three platforms: Hong Kong Virtual Asset Exchange (HKVAX), OSL Exchange and HashKey Exchange. In addition, she revealed that there are 11 platforms currently applying for licenses and the first phase of the review has been completed. Ms. Liang said:

Applicants who do not meet the requirements will lose their license qualifications; applicants who meet the requirements will be conditionally licensed. The SFC is also developing a licensing system for cryptocurrency over-the-counter (OTC) services. What do you think of the Hong Kong SFC's approach to regulating the cryptocurrency industry? Let me know in the comments below...

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