The Hong Kong government has communicated with the Securities and Futures Commission to expedite the processing of all virtual asset platform applications

ChainCatcher news, according to a report by Hong Kong media Wen Wei Po, the Hong Kong government will maintain close communication with the Securities and Futures Commission (SFC) to expedite the processing of all platform applications, providing citizens and investors with more secure investment options. Looking ahead, Hong Kong will further improve its regulatory framework, including regulating virtual asset over-the-counter trading service providers, to build a robust ecosystem for the virtual asset industry and promote its responsible and sustainable development.

The Hong Kong SFC emphasized yesterday that those virtual asset trading platforms considered for licensing, although they have committed to strengthening their policies, procedures, systems, and monitoring measures to comply with SFC regulations, still need to demonstrate the actual implementation and effectiveness of these measures to gain the SFC's trust. Furthermore, these platforms are not expected to actively promote their services or establish business relationships with new retail clients until they have officially obtained their licenses.