Hong Kong Securities Regulator Anticipates New Virtual Asset Licenses

According to PANews, the Hong Kong Securities and Futures Commission (SFC) is expected to issue new licenses for virtual asset platforms soon. Ye Zhiheng, Executive Director of the SFC's Intermediaries Division and Chairman of the Fintech Advisory Group, indicated that positive developments could occur in the first quarter of the year. He mentioned that nearly all applicants underwent on-site inspections last year, allowing regulators to communicate requirements and platforms to respond, which the industry believes could expedite the licensing process.Ye noted that while there is optimism, not all of the current 11 applications may be approved due to strict regulatory standards, including investor protection and cybersecurity requirements for operators. He expressed hope that within a month or two, there would be favorable news.Previously, the SFC announced plans to establish a consultative group for all licensed platforms by early 2025 to ensure industry perspectives are considered in policy-making. Ye has invited executives from licensed platforms to participate, with the first meeting expected to take place after the Lunar New Year, within the first quarter.