#Hong Kong Securities and Futures Commission Speeds Up Licensing#

The Securities and Futures Commission (SFC) of Hong Kong has announced the extension of the accelerated licensing process to all new applicants for virtual asset trading platform licenses. This is aimed at expediting the approval process for fully compliant platforms and building a robust regulatory framework for Hong Kong's virtual asset industry. The new licensing approach requires applicants to first implement internal policies, procedures, systems and monitoring measures, followed by an external evaluation of these measures, with the SFC overseeing the entire assessment process. This is designed to ensure that applicants have a robust compliance system in place before obtaining a license and accelerate the healthy development of Hong Kong's virtual asset industry. Since December 2024, four platforms have been granted approval under the fast-track licensing process. The SFC has issued a new circular outlining the regulatory standards and inspection results, providing clearer guidance for applicants.