CEO of Hong Kong Securities and Futures Commission: 11 virtual asset platforms expected to be licensed in batches before the end of the year

ChainCatcher news, Hong Kong Securities and Futures Commission CEO Ashley Alder stated in a recent interview that 11 platforms are being treated as applicants for licenses and have undergone the first phase of on-site inspections. They have been asked to make corrections, with the goal of making new progress by the end of the year, including issuing licenses in batches. Applicants who do not meet the requirements will lose their eligibility for licensing, while those who do meet the requirements will be conditionally granted licenses.

Regarding cryptocurrency over-the-counter (OTC) services, Alder pointed out that the Hong Kong Securities and Futures Commission has solicited industry opinions on a new licensing system for cryptocurrency OTC services and cryptocurrency custody services. It will also promote the development of regulatory systems for virtual asset trading platforms, support the tokenization of traditional products, utilize blockchain and Web 3 foundational technologies, and facilitate the establishment of a responsible and secure fintech ecosystem. The completion of the entire framework is expected to be at least by next year.