Hong Kong Securities and Futures Commission releases vision to promote the thriving FinTech ecosystem: implementing a rapid licensing approval process

According to official sources the Hong Kong Securities and Futures Commission has released a vision to promote the thriving development of Hong Kong's fintech ecosystem. The commission's current regulatory measures include risk-based on-site inspections and direct dialogue with the senior management and controlling persons of applicants. Based on this, the Hong Kong Securities and Futures Commission is implementing a fast licensing approval process to handle virtual asset trading platform applicants who are considered to have been issued licenses. To fulfill its commitment to promoting sustainable and responsible development of the virtual asset industry, the Hong Kong Securities and Futures Commission is working with the Hong Kong SAR government and other regulatory agencies to develop regulations for providing virtual asset trading and custody services, continuing to actively monitor systems and public warnings, and deepening cooperation with other institutions to strengthen its investor protection work.