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, Hong Kong Chief Executive John Lee will deliver his third Policy Address next month on the sixteenth. PwC has released a preview of the Policy Address, recommending that the Hong Kong government adopt a three-pronged strategic approach: rebuilding confidence in the capital market, enhancing the comprehensive attractiveness for talent and investment, and seizing opportunities in the digital economy to comprehensively enhance Hong Kong's global competitiveness and financial resilience.PwC stated that in an era of rapid technological development, Hong Kong should position itself as a pioneer in smart city development and digital innovation. The methods to optimize opportunities in the digital economy can focus on two important components: developing a robust digital asset and virtual asset platform, and strengthening the infrastructure for the digital economy.

ChainCatcher news reports, citing sources from Bloomberg, that after the Hong Kong Securities and Futures Commission (SFC) conducted on-site inspections of several virtual asset trading platforms, unsatisfactory behaviors were found among them, and it remains unclear whether the relevant platforms will ultimately obtain formal licenses.Sources indicate that some cryptocurrency companies overly rely on a few senior executives to supervise the custody of customer assets, while others have not taken adequate measures to prevent cybercrime risks. It is currently unclear which companies have not met the SFC's requirements.It is reported that the on-site inspections are still ongoing. A spokesperson for the Hong Kong SFC stated that they would not comment on specific cases, but the inspections are conducted to determine whether applicants comply with their requirements, with particular attention to the protection of customer assets and the know-your-customer processes. For platforms that cannot rectify serious deficiencies found during the on-site inspections, the Hong Kong SFC may choose to revoke their status as licensed applicants or reject their license applications.

ChainCatcher news, according to Bitcoin.com, the Superintendencia de Banca, Seguros y AFP (SBS) of Peru has issued a resolution requiring virtual asset service providers (VASP) to implement KYC and anti-money laundering (AML) measures as part of their compliance programs. This resolution aligns with FATF recommendations aimed at controlling and preventing criminals from using these platforms for illegal purposes.The resolution stipulates that VASPs operating within Peru must appoint a compliance officer and implement a system for anti-money laundering (AML) and terrorism financing (TF) measures. Additionally, Peruvian exchanges are now required to adopt effective "KYC" policies and establish due diligence steps to achieve this.Furthermore, the new rules also state that VASPs must obtain identity and additional data from users participating in transactions over $1,000, effectively compelling these providers to implement travel rule compliance, as "all transfers of virtual assets must be considered electronic transfers."

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.

ChainCatcher news, officials from Taiwan's financial regulatory agency have confirmed that to gather external opinions, the agency recently held a public hearing for industry players and is expected to officially announce the "Guidelines for Managing Virtual Asset Platforms and Trading Business (VASP)" by the end of this month. Subsequently, industry associations will further establish self-regulatory norms.These guidelines will include 10 main aspects, such as strengthening the management of virtual asset issuance, establishing a review mechanism for the listing and delisting of virtual assets, enhancing the separation and custody of platform and customer assets, and strengthening trading fairness and transparency, among others.

ChainCatcher news, according to Caixin reports, Hong Kong's licensing system for virtual asset trading platform operators is essentially a "dual-license" system. In addition to the licensing system for "security tokens," which applies to the Securities and Futures Ordinance, there is another licensing system for "non-security tokens," which will officially take effect under the Anti-Money Laundering Ordinance starting June 1, 2023.Currently, several virtual asset trading platforms, including OSL Exchange and HashKey Exchange, are applying for the second type of license, but no licenses have been granted yet.The Hong Kong Securities and Futures Commission previously stated that the terms and characteristics of virtual assets may evolve over time, and the defining criteria for "security tokens" and "non-security tokens" may also change. Therefore, to ensure compliance, virtual asset platforms should hold dual licenses.

ChainCatcher message, the official website of the Financial Supervisory Commission of Taiwan provides a detailed introduction to the regulatory promotion plan for virtual asset platforms, formulating guidelines for the management of virtual asset platforms and trading business (VASP). The supervisory focus includes: customer asset custody, fair and transparent trading, market integrity, conflict of interest management, and information disclosure, etc. (source link)