🚀Hong Kong Securities and Futures Commission promotes the regulatory system for virtual asset trading platforms! 🚀

Hong Kong Securities and Futures Commission CEO Leung Fung-yee recently said that the Securities and Futures Commission is actively promoting the regulatory system for virtual asset trading platforms (VATPs) and supporting the tokenization of traditional products, using blockchain and Web3 basic technologies. She revealed that the entire framework is expected to be completed next year.

🌐In the strategic focus from 2024 to 2026, the Securities and Futures Commission will focus on maintaining market resilience and enhancing the global competitiveness and attractiveness of Hong Kong's capital market. In addition, it will lead the transformation of the financial market with technology and ESG (environment, society and governance) to improve institutional resilience and operational efficiency.

🔍Currently, the Securities and Futures Commission has issued the third license to the Hong Kong Virtual Asset Exchange (HKVAX), and the other two licensed ones include OSL Exchange and HashKey Exchange. There are 11 platforms in the process of applying. The Securities and Futures Commission has conducted the first phase of on-site review and put forward rectification requirements, with the goal of making new progress before the end of the year.

💡In terms of cryptocurrency over-the-counter (OTC) services, the Securities and Futures Commission has sought industry opinions on a new licensing system, covering cryptocurrency custody services, etc.

Overall, although market regulation is tightening, the outlook for Bitcoin remains optimistic! 🌟