On June 1, Hong Kong will officially implement the new licensing system. A quick overview of the regulatory focus

background:

In the "Chief Executive's 2022 Policy Address" of the Hong Kong Special Administrative Region Government, it was proposed to continuously enhance the competitiveness of financial technology, including drafting the introduction of a statutory licensing system for service providers in terms of virtual assets. The Hong Kong Securities and Futures Commission (SFC) will officially implement the new licensing system for virtual asset service providers on June 1. It is believed that the trend of virtual asset trading will continue under good supervision and a highly transparent market.

At present, the integration of the virtual asset market and the traditional financial market is becoming increasingly close, and it is even more necessary to implement effective supervision of the virtual asset industry. Therefore, **Hong Kong is actively planning to introduce a licensing system for virtual asset service providers, and become a leader in innovation with a forward-looking vision. **

Hong Kong’s Virtual Asset Licensing System Supervision Key Points