Chief Executive of Hong Kong Securities Supervision Commission: 11 virtual asset platforms are expected to be licensed before the end of the year

On October 7th, Liang Fengyi, CEO of the Hong Kong Securities Supervision Commission, stated in a recent interview that while maintaining market fairness, promoting the development of regulatory systems for virtual asset trading platforms, supporting the tokenization of traditional products, using blockchain and Web3 basic technologies, and promoting the establishment of a responsible and secure financial technology ecosystem, "the entire framework will be completed at least by next year."

 

Liang Fengyi stated that in order to lead the transformation of Financial Marekt, it is necessary to embrace financial innovation and promote the development of the regulatory system for virtual asset trading platforms. The Securities Supervision Commission has issued the third license, and another 11 platforms are considered as licensed applicants. The first stage of on-site review has been conducted, and requirements have been made for these applicants to rectify. The goal is to have new progress by the end of the year, including the distribution of licenses. Applicants who do not meet the requirements will lose their eligibility for licensing, while those who meet the requirements will be conditionally licensed.

 

Regarding cryptocurrency over the counter (OTC) services, Liang Fengyi pointed out that the Hong Kong Securities Supervision Commission has solicited industry opinions on new licensing systems for cryptocurrency over the counter services and cryptocurrency custody services, and will also promote the development of regulatory systems for virtual asset trading platforms.