Hong Kong will promote a "fast licensing process" for cryptocurrency trading platforms and establish a "consultation group."

ChainCatcher news, according to The Block, Hong Kong has committed to accelerating the licensing process for cryptocurrency trading platforms. Joseph Chan, Deputy Secretary for Financial Services and the Treasury, stated in the Legislative Council that the Securities and Futures Commission will promote a "fast-track licensing process" and establish a "consultative group," which is expected to start working with licensed trading platforms early next year.

Joseph Chan indicated that the Financial Stability Committee plans to submit the relevant legislative bill to the Legislative Council "within this month." According to the consultation document, the proposal will require all FRS issuers to obtain a license from the Hong Kong Monetary Authority. The regulatory agency will propose a plan next year to issue licenses to cryptocurrency custodians.