Hong Kong Finance Bureau: No transitional arrangements for virtual asset service providers; currently, 6 platform licenses are pending approval



June 2nd news, Acting Secretary for Financial Services and the Treasury, Christopher Hui, stated in the Legislative Council that to avoid regulatory ambiguities, Hong Kong will not set up transitional arrangements for existing virtual asset trading service providers.

He urged all institutions currently engaged or planning to engage in virtual asset trading, custody, investment advice, and asset management to communicate with regulators as soon as possible and to initiate the license application process in advance.

Christopher Hui also disclosed the status of virtual asset trading platform license approvals in Hong Kong, stating that there are currently 13 licensed virtual asset trading platforms, with license applications from 6 other platforms still under review.

According to regulatory requirements, unless exempted, any institution engaged in virtual asset trading, custody, investment advice, and asset management must obtain a valid license.

Regarding the regulatory system, the proposed new rules will establish corresponding penalties, with standards consistent with the current system. The authorities plan to submit relevant amendments to the Legislative Council within this year to further improve the virtual asset regulatory framework.

The Securities and Futures Commission (SFC) Executive Director of Intermediaries, Ye Chi-hang, added that more than 200 licenses have already been approved through the existing mechanism. This data reflects the operational efficiency of Hong Kong’s virtual asset regulatory system and provides compliant channels for market participants.

Market data shows that last year, virtual asset-related trading volume in Hong Kong increased by approximately 75% year-on-year, and in the first quarter of this year, trading volume grew threefold year-on-year, indicating ongoing market activity and increasing investor participation.

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