The Hong Kong Securities and Futures Commission issued a circular for applicants of virtual asset trading platforms, regarding improved licensing procedures and optimized external assessments

PANews reported on January 16 that the Hong Kong Securities and Futures Commission issued a "Circular to New Virtual Asset Trading Platforms Seeking Licensing - Complete Licensing Procedures and Optimized External Assessment". The circular focuses on applying for a license to operate a virtual asset trading platform. The licensing plan of the new corporation and the optimized external assessment, and replace the subject scope of the external assessment report published in June 2023. All applicants for virtual asset trading platforms who submit license applications after December 18, 2024, please see this circular. The China Securities Regulatory Commission proactively communicates and strengthens communication with virtual asset trading platforms to provide guidance on the regulatory standards to be achieved in a direct and effective manner, which is the key to the rapid licensing plan. The SFC follows this approach for all virtual asset trading platform applicants seeking to be licensed. According to the comprehensive licensing procedures, virtual asset trading platform applicants must hire external experts to conduct an external evaluation after setting up all relevant systems and monitoring measures. The China Securities Regulatory Commission has become an agreed participant in the external assessment of applications that will be conducted by virtual asset trading platform applicants. The SFC has also optimized external assessments to enhance their effectiveness. The optimized external assessment will focus on ensuring that the virtual asset trading platform applicant's policies, procedures, systems and control measures are appropriately designed and implemented, and must be conducted through direct assurance based on relevant relevant situational standards and structures.

Earlier today, it was reported that the Hong Kong Securities and Futures Commission’s rapid licensing plan was extended to new applicants for virtual asset trading platform licenses .