The new licensing system established by the Hong Kong Securities and Futures Commission for virtual asset trading platforms (VATP) will take effect from June 1, 2023. However, with the end of the transition period, more and more operators have chosen to withdraw from the Hong Kong market. At present, 11 operators have withdrawn or returned their license applications, including OKX, which ranks among the top three in global trading volume. This move has raised questions in the industry about whether Hong Kong is determined to develop and embrace Web3.
The new licensing system shows several problems. First, the policies and measures for the development of Hong Kong's virtual asset market lack overall strategic considerations. Relevant policies have entered the consultation stage or the legislative process at different times, making the entire Web3 layout completed in stages, taking too long and unable to keep up with the rapid pace of technological evolution. Secondly, the approval conditions of the Securities and Futures Commission borrowed the operating concepts and conditions of traditional finance, which seemed too strict when implemented in Web3 finance. Finally, there is a lack of innovative DNA within the government and regulatory agencies. The two sides are poles apart in terms of technical background, market experience and innovative spirit, and it is difficult to communicate.
In order to restore market confidence, the author hopes that the Securities and Futures Commission will make a decision on the license application as soon as possible so that investors can have long-term confidence in virtual asset trading platforms. At the same time, the products provided by the trading platform must be breakthroughs that can balance the need to maintain a sound legal system, protect investors, and financial innovation.
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