Hong Kong Plans to Accelerate Crypto Licensing
The Hong Kong government released a statement on December 11, 2024 outlining its plans trading platforms in an effort to establish itself as a leading hub for cryptocurrency trading. The initiative aims to balance innovation with financial stability and investor protection.
Acting Secretary for Financial Services and the Treasury, Joseph Chan, addressed the Legislative Council and stressed the importance of a fast licensing process as Hong Kong competes with other major financial centers. In response, the Securities and Futures Commission (SFC) will be revamping its licensing system for commercial cryptocurrency trading platforms.
The SFC also plans to establish a consultative panel in early 2025 to guide licensed trading platform operators. Since implementing a crypto licensing framework in June 2023, Hong Kong has allowed licensed exchanges like OSL Exchange, HashKey Exchange, and HKVAX to offer retail trading services.
