Hong Kong Securities Regulator to Announce Virtual Asset Development Roadmap

According to Odaily, the Executive Director of the Intermediaries Division at the Hong Kong Securities and Futures Commission (SFC), Yeh Chi-hang, anticipates the release of a virtual asset development roadmap within this month. The roadmap will outline development principles and highlight areas for market research and platform optimization. Last week, the SFC held its first virtual asset advisory group meeting with representatives from licensed virtual asset trading platforms. Yeh, who chaired the meeting, discussed the future direction of the market, emphasizing the importance of sustainable business operations over merely obtaining licenses. Currently, there are nine licensed virtual asset trading platforms and nine applicants. When asked about the likelihood of pending applicants receiving licenses, Yeh stated that progress is promising, with the market gaining a clearer understanding of the SFC's licensing standards. He confirmed that new licenses would be issued, but emphasized that approval depends on meeting the necessary requirements. Additionally, during a discussion at the annual conference of the Asia Securities Industry and Financial Markets Association, Yeh mentioned that the forthcoming virtual asset roadmap is significant not for its content, but for the SFC's willingness to demonstrate principles to the market. He does not perceive a conflict between market development and regulation, asserting that regulators must understand the market to enhance oversight.