Hong Kong SFC Expands Licensing Process For Virtual Asset Platforms

According to Foresight News, the Hong Kong Securities and Futures Commission (SFC) has announced that all new applicants for virtual asset trading platform licenses can now apply through the SFC's expedited licensing process. This new approach requires applicants to first establish internal policies, procedures, systems, and monitoring measures, which must then undergo external evaluation. The SFC stated that the decision to broaden the scope of the expedited licensing process stems from the effectiveness of direct communication and engagement with applicants regarding regulatory standards during risk-based on-site inspections of all virtual asset trading platform applicants considered for licensing.