The Hong Kong Securities and Futures Commission (SFC) announced that all new virtual asset trading platform (VATP) applicants can now apply for licences under its swift licensing process. Under the approach, applicants are expected to implement relevant policies, procedures, systems and controls before conducting an external assessment, with the SFC joining the engagement to supervise the overall assessment process. The extension follows the SFC’s experience from risk-based on-site inspections of deemed-to-be-licensed VATP applicants, where direct engagement was used to communicate regulatory standards. To support new applicants, the SFC issued a circular with additional guidance and published inspection findings to clarify expected regulatory standards for VATP operators. The SFC noted that VATP applicants submitting licence applications after 18 December 2024 should refer to the circular, and that four VATPs were licensed under the swift process on 18 December 2024.
Hong Kong Securities & Futures Commission 2025-01-16
Hong Kong Securities and Futures Commission extends swift licensing process to new virtual asset trading platform applicants
The Hong Kong Securities and Futures Commission (SFC) has introduced a swift licensing process for new virtual asset trading platform (VATP) applicants, requiring them to implement necessary policies and controls before an external assessment. The SFC will supervise the assessment process and has issued a circular with guidance and inspection findings to clarify regulatory standards. Four VATPs were licensed under this process on 18 December 2024.