SFC Extends Swift Licensing to More Crypto Applicants
Hong Kong’s securities watchdog has extended its swift licensing process to more crypto trading applicants in the city.
All new virtual asset trading platform (VATP) applicants can now seek licenses under the Securities and Futures Commission’s (SFC) swift licensing process, according to a statement. The new approach requires applicants to «implement their policies, procedures, systems and controls before conducting an external assessment on these measures».
The latest move follows the regulator's commitment to introduce more crypto trading licenses in late 2024. In December, four new exchanges were granted approval.
«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 Eric Yip, SFC’s executive director of intermediaries.
