#Hong Kong is accelerating the issuance of virtual asset licenses.#

The Securities and Futures Commission (SFC) of Hong Kong has announced the extension of its fast-track licensing process to all new applicants for virtual asset trading platform licenses. This aims to expedite the approval process for fully compliant platforms, building a robust regulatory framework for the virtual asset sector in Hong Kong. The new licensing approach requires applicants to first implement internal policies, procedures, systems, and monitoring measures, followed by external evaluation of these measures, with the SFC overseeing the assessment process throughout. This move signifies Hong Kong's acceleration of virtual asset licensing, providing a clearer regulatory environment for the development of the industry. Since December 2024, four platforms have been granted fast-track licensing procedures. Relevant guidelines and inspection results are now published in the latest circular, further clarifying regulatory standards. This action by the SFC demonstrates its commitment to the virtual asset sector and its aspiration to attract more compliant virtual asset trading platforms to Hong Kong through accelerated licensing, positioning the city as a global virtual asset trading hub.