SFC licenses virtual asset trading platforms under swift licensing process

The Securities and Futures Commission (SFC) has granted licenses to four virtual asset trading platforms (VATPs) following a risk-based inspection process. These platforms can operate with a restricted business scope while addressing feedback from the SFC’s inspections. They must also undergo independent vulnerability assessments and penetration tests. The SFC emphasized its proactive engagement with VATP management to expedite the licensing process, aiming to balance investor protection with fostering virtual asset ecosystem growth in Hong Kong. Additionally, the SFC will oversee the second-phase assessments through a tripartite approach and may lift business restrictions once these assessments are successfully completed. A circular outlining the licensing process and second-phase assessment guidance has been published.

Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR211