#Hong Kong Securities and Futures Commission Accelerates Licensing#

The Hong Kong Securities and Futures Commission (SFC) has announced that it will extend the accelerated licensing process to all new applicants for virtual asset trading platform licenses, aiming to expedite the approval process for fully compliant platforms and build 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 controls, followed by an external evaluation of these measures, with the SFC overseeing the assessment process throughout. This move signifies the SFC's increased emphasis on the compliance of virtual asset trading platforms and its commitment to accelerating the licensing approval process, providing a clearer regulatory framework for the development of Hong Kong's virtual asset industry. Since December 2024, four platforms have been approved under the fast-track licensing process. The SFC has issued a new circular further clarifying regulatory standards, providing clearer guidance for future applicants.