The Hong Kong Securities and Futures Commission has expressed its vision to promote the development of the fintech ecosystem: it is implementing a rapid licensing approval process

ChainCatcher news, the Hong Kong Securities and Futures Commission (SFC) has published a vision to promote the thriving development of Hong Kong's fintech ecosystem. The SFC's current regulatory measures include risk-based on-site inspections and direct dialogues with senior management and controllers of applicants. Based on this, the Hong Kong SFC is implementing a rapid licensing approval process to handle applications from virtual asset trading platforms that are considered for licensing. To fulfill its commitment to promoting the sustainable and responsible development of the virtual asset industry, the Hong Kong SFC is collaborating with the Hong Kong SAR Government and other regulatory bodies to formulate regulatory proposals for providing virtual asset trading services and virtual asset custody services, continuing to enhance its investor protection efforts through active monitoring systems and public warnings, and deepening cooperation with other institutions.