Hong Kong will officially implement the new licensing system on June 1st. A quick overview of the regulatory focus

background:

In the Chief Executive's 2022 Policy Address, the Hong Kong SAR Government proposed to continuously enhance the competitiveness of financial technology, including the draft introduction of a statutory licensing system for service providers in the field of virtual assets. The Hong Kong Securities and Futures Commission (SFC) will officially implement the new licensing system for virtual asset service providers on June 1. It is believed that the trend of virtual asset trading will continue under good supervision and a highly transparent market.

At present, the virtual asset market is becoming increasingly integrated with the traditional financial market, and it is even more necessary to implement effective supervision on the virtual asset industry. Therefore, Hong Kong is actively planning to introduce a licensing system for virtual asset service providers, becoming a leader in innovation with a forward-looking vision.

Regulatory Focus of Hong Kong’s Virtual Asset Licensing System