ChainCatcher news, according to the Hong Kong Radio website, the CEO of the Hong Kong Securities and Futures Commission, Ashley Alder, reiterated in an interview that there will be announcements regarding the licensing of virtual asset trading platforms in Hong Kong by the end of the year. However, there was no response on whether there are platforms that have been "considered for licensing" but do not meet the standards after review. The report will disclose common issues found when platforms apply for licenses.

ChainCatcher news, Dr. Ye Zhi Heng, Executive Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission, stated that virtual assets have now become a top agenda for every financial regulatory authority.Hong Kong currently has three licensed virtual asset trading platforms, and is processing applications from an additional 15 platforms. Investors can expect more licensed platforms to comply with the SFC's robust investor protection measures.

ChainCatcher news, the official website of the Hong Kong Securities and Futures Commission has updated the information on virtual asset trading platform license applications, which shows that Nebulas Exchange submitted its application for a virtual asset trading platform license to the Hong Kong Securities and Futures Commission on October 25, 2024. The name of the submitting virtual asset trading platform operator company is "Nebulas Hong Kong Limited", and there is currently no Chinese name.As of now, the number of virtual asset trading platform license applicants announced by the Hong Kong Securities and Futures Commission is 15. According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, 11 platforms including HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, xWhale, YAX, Bullish, Crypto.com, WhaleFin, and Matrixport HK are considered to be granted licenses.

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.

ChainCatcher news, the current regulatory measures of the Hong Kong Securities and Futures Commission include risk-based on-site inspections and direct dialogues with the senior management and controllers of applicants. Based on this, the Hong Kong Securities and Futures Commission is implementing a rapid licensing approval process to handle applications from virtual asset trading platforms considered for licensing. The Hong Kong Securities and Futures Commission expects to issue the first batch of formal licenses to virtual asset trading platform applicants considered for licensing by the end of this year.

ChainCatcher news, to support the development of a sustainable business model for licensed virtual asset trading platforms, the Hong Kong Securities and Futures Commission (SFC) is establishing a formal advisory group composed of representatives from each licensed institution to ensure that the SFC considers their views in the policy-making process.The SFC expects the advisory group to be launched in early 2025. Future white papers released by the SFC on priority regulatory matters in the virtual asset industry will be based on discussions conducted by this group and feedback from other stakeholders.

ChainCatcher message, to support licensed virtual asset trading platforms in developing sustainable business models, the Hong Kong Securities and Futures Commission (SFC) is establishing a formal advisory group for all licensed virtual asset trading platforms, composed of representatives from each licensed institution, to ensure that the SFC considers their views in the policy-making process.The SFC expects this advisory group to be launched in early 2025. The SFC will publish a white paper on priority regulatory matters for the virtual asset industry in the future, based on discussions from this group and feedback from other stakeholders.

ChainCatcher news, according to Hong Kong media East Network, the Hong Kong Securities and Futures Commission (SFC) discussed regulatory guidelines for crypto assets, tokenization, and artificial intelligence with representatives from 12 Asia-Pacific securities market regulatory agencies.In addition, the Hong Kong SFC also hosted the first meeting of the International Organization of Securities Commissions (IOSCO) Asia-Pacific Committee's Supervisory Directors Network, where, in addition to discussions, there was sharing of the latest market developments and observations from the business community. A commercial bank also conducted a live demonstration of artificial intelligence applications.

ChainCatcher news, according to official sources, the Hong Kong Securities and Futures Commission announced that under the legal proceedings initiated under Section 213 of the Securities and Futures Ordinance, the Hong Kong High Court has issued a temporary injunction against 11 individuals suspected of manipulating Dingyifeng Holdings Group International Limited. The individuals are prohibited from transferring any assets within Hong Kong or disposing of or handling any assets within Hong Kong in any way, or reducing the value of any assets within Hong Kong, up to a total of 6,353,386,915 HKD.In March of this year, the Shenzhen Office for the Prevention and Handling of Illegal Fundraising issued a statement through the Shenzhen Municipal Bureau of Local Financial Supervision, stating that Dingyifeng International Asset Management Group Limited was promoting the issuance of a DDO digital option within the country, soliciting public subscriptions for investment. This behavior is essentially the issuance and trading of virtual currency, which constitutes illegal financial activity. In early 2024, Dingyifeng attracted attention due to widespread inability to redeem its products.

ChainCatcher news, according to Caixin, the Hong Kong SAR government announced that the Chief Executive of the Hong Kong SAR has appointed Dr. Huang Tianyou as the Chairman of the Securities and Futures Commission (SFC) in accordance with the Securities and Futures Ordinance (Chapter 571), for a term of three years, from October 20, 2024, to October 19, 2027.

ChainCatcher news, according to the latest updates from the official website of the Hong Kong Securities and Futures Commission, the application for a virtual asset trading platform license submitted by bitcoinworld has been rejected on October 10.Relevant information shows that the company name of the virtual asset trading platform operator submitted by bitcoinworld is "Bitcoin World Technology Limited," with no applicable Chinese name. Bitcoinworld first submitted the application for a virtual asset trading platform license to the Hong Kong Securities and Futures Commission on May 17, 2024.As of now, the total number of applicants for virtual asset trading platform licenses that have been withdrawn or rejected, as announced by the Hong Kong Securities and Futures Commission, is 14, of which 2 have been rejected; the number of applicants for virtual asset trading platform licenses is 14, of which 11 have been considered for licensing, and the list of licensed virtual asset trading platforms includes 3.

ChainCatcher news, the CEO of the Hong Kong Securities and Futures Commission, Ashley Alder, stated that the first phase of on-site inspections for virtual asset trading platforms (VATP) has been completed. The deficiencies identified during the on-site inspections have been communicated to the applicant platforms, requiring improvements.Alder added that the Hong Kong Securities and Futures Commission will announce the next phase plan in due course. Platforms that meet the standards will be granted conditional licenses. Applicant platforms that have been pointed out by the Commission for deficiencies must submit improvement plans to the Commission. Similar to the previous VATP transition period, the next phase plan will also include a deadline. Those who fail to meet the requirements within the deadline will lose their "considered for licensing" status and will orderly cease their operations in Hong Kong.

ChainCatcher news, according to Hong Kong 01 report, the CEO of the Hong Kong Securities and Futures Commission (SFC), Ashley Alder, stated in an interview that the development of a regulatory framework for virtual asset trading platforms is being advanced, supporting the tokenization of traditional products, and utilizing blockchain and Web3 foundational technologies, with the entire framework expected to be completed at least by next year.Regarding virtual asset trading platforms (VATP), Alder mentioned that the SFC has issued the third license to the Hong Kong Virtual Asset Exchange (HKVAX), with the other two licensed platforms being OSL Exchange and HashKey Exchange. Additionally, there are 11 platforms that are considered applicants for licensing; Alder indicated that the first phase of on-site inspections has been conducted, and requirements have been proposed for these applicants to rectify issues, with the goal of making new progress by the end of the year, including the issuance of licenses in batches.In terms of over-the-counter (OTC) services, Alder stated that the SFC has developed a new licensing regime for cryptocurrency OTC services and their custody services, and is seeking industry opinions.

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.

ChainCatcher news, the Hong Kong Securities and Futures Commission (SFC) has allowed ZA Bank to add virtual asset trading conditions to its Type 1 license, enabling cryptocurrency trading.A spokesperson for ZA Bank stated that the bank has received approval from the SFC to add virtual asset trading conditions to its Type 1 license, which is a significant breakthrough for the company and the entire industry. The bank will actively prepare for the relevant sandbox testing.

ChainCatcher news, according to the Hong Kong Radio website, the chairman of the Hong Kong Securities and Futures Commission, Leung Tin-leung, stated during a speech at an event today that the first batch of virtual asset spot exchange-traded funds (ETFs) in Hong Kong has been operating smoothly since its listing in April, with a current market value exceeding 300 million USD. With the launch of the first Asian virtual asset futures ETF product, retail investors can manage related risks, and it is believed that innovative products can drive the Hong Kong financial market forward.Leung emphasized that as a financial center, Hong Kong needs to continue enhancing its resilience through innovative technology and sustainable finance. He also noted the potential advantages of blockchain technology, such as reducing transaction costs, with asset and securities tokenization being one of the main use cases. Currently, there is close collaboration with the Hong Kong Monetary Authority to explore more different tokenization use cases, with the hope of establishing a related ecosystem. Leung also reminded that virtual assets carry significant volatility risks and should not be considered investment advice. However, as professional and retail investors have different risk appetites and invest in virtual assets through various channels, the Hong Kong Securities and Futures Commission decided to introduce a regulatory framework to govern the activities of related trading platforms.

ChainCatcher news, according to a report by the Hong Kong Economic Journal, the Hong Kong Securities and Futures Commission (SFC) recently released the "Securities Industry Financial Review," which for the first time disclosed the virtual asset trading activities in the securities industry, generating a total revenue of HKD 77 million in the first half of this year. The Executive Director of the SFC's Intermediaries Division, Yip Chi-hang, stated that Hong Kong's diverse products can cater to the needs of both local and global investors. As the investment atmosphere improves, licensed institutions are gradually establishing a foothold in distributing non-exchange traded products, with some even actively expanding into virtual asset trading business.

ChainCatcher news, Hong Kong is currently exploring whether to involve the Securities and Futures Commission (SFC) and the Hong Kong Customs and Excise Department (C&ED) in regulating over-the-counter (OTC) services for virtual assets.According to informed sources, the Hong Kong Securities and Futures Commission has sought industry opinions on possibly implementing a new licensing system for cryptocurrency OTC services, which would allow the securities regulator to collaborate with C&ED to oversee these companies, as the discussions are private. According to a proposal made public in February, the planned OTC regulations and licenses were previously the sole domain of C&ED. OTC services facilitate direct and private large-scale cryptocurrency transactions between parties.Informed sources also indicated that in recent months, the Hong Kong SFC has consulted companies about introducing a new licensing system for cryptocurrency custody services. They stated that discussions regarding these two licenses are still in the early stages and may change.