Hong Kong Set To Expand Digital-Asset Exchange Licenses Amid Push For Stablecoin Proposal
Hong Kong’s financial regulator, the Securities and Futures Commission (SFC), aims to approve additional licenses for digital-asset exchanges by the close of 2024, following a detailed five-month assessment process.
What Happened: This announcement, made by Eric Yip, the SFC’s executive director for intermediaries, at the Fintech Week event, reflects Hong Kong’s efforts to establish itself as a prominent hub for digital assets after recent political turmoil.
“The applicants and their controllers have largely adopted our feedback, showing a commitment to investing resources in line with regulatory expectations,” Yip stated, according to a Bloomberg report
The SFC’s inspection process, which began in June with provisional permits, revealed operational issues in some platforms.
These firms are required to implement corrective measures and complete a third-party review with the SFC before they are granted restricted licenses. A finalized list of licensed exchanges is expected to be released by the end of the year.
To support ongoing regulatory efforts, the …
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