Hong Kong Plans to Approve More Crypto Licenses This Year

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The Securities Futures Commission of Hong Kong has announced its plan to issue more licenses to cryptocurrency exchanges and digital asset firms operating in the region by the end of the year.

SFC CEO Julia Leung stated that progress is expected to be made in granting licenses to the 11 virtual asset trading platforms (VATPs) currently on the regulator’s list of potential licensees.

She also mentioned that licenses will be issued in batches to facilitate the compliance process for crypto exchanges.

At present, 16 companies are awaiting a decision on their VATP applications, out of which 11 are already operating as “deemed to be licensed” despite the SFC’s recommendation against trading with them.

Leung also revealed that the first round of on-site reviews for the crypto firms has been completed and all VATPs that comply with the SFC’s licensing model can expect their applications to be approved.