Hong Kong Securities and Futures Commission’s fast-track licensing scheme extends to new applicants for virtual asset trading platform licenses

PANews reported on January 16 that according to the official website, the Hong Kong Securities and Futures Commission announced today that all new applicants for a virtual asset trading platform license can apply for a license according to the SFC’s expedited licensing procedures. The new licensing method requires virtual asset trading platform applicants to first implement internal policies, procedures, systems and measures, and conduct external evaluation of relevant measures. The China Securities Regulatory Commission becomes a participant in the monitoring and supervision of the entire external evaluation process.

The China Securities Regulatory Commission issued a circular today to provide guidance for new virtual asset trading platform operators. The China Securities Regulatory Commission also published the results of risk-related on-site inspections to further clarify the regulatory standards that the Securities and Futures Commission expects virtual asset trading platforms to meet when applying.