The Securities and Futures Commission (SFC) of Hong Kong today announced that all new virtual asset trading platform (VATP) applicants can now seek licences under its swift licensing process.
This new licensing approach requires VATP applicants to implement their policies, procedures, systems and controls before conducting an external assessment on these measures. The SFC will become a party to the engagement to supervise the overall external assessment process.
This extension is made in light of the effectiveness of the SFC’s direct engagement and communication with deemed-to-be-licensed VATP applicants on the regulatory standards during its risk-based on-site inspections of all such applicants.
“The SFC is committed to fostering a healthy ecosystem and a robust regulatory framework for the development of virtual assets in Hong Kong. With the new approach, we will enhance our collaboration with VATP applicants, providing them with constructive and timely feedback, thereby enabling fully compliant VATPs to bring their services to investors more swiftly,” said Dr Eric Yip, the SFC’s Executive Director of Intermediaries.
To provide further guidance to new VATP applicants, the SFC issued a circular today.
