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Home News

Hong Kong May Grant Crypto Licenses Soon

SFC Chief Reportedly Says Applicants Should Expect Decisions Before 2025 Q1 Ends

22 January 2025
in News, Regulation
Reading Time: 3 mins read
102 8
source: cryptoadventure.com

source: cryptoadventure.com

Hong Kong’s Securities and Futures Commission (SFC) is preparing to issue new cryptocurrency trading licenses following a comprehensive review process of applicants.

Chinese media outlet SINA Finance reported that Ye Zhiheng, Executive Director of the Intermediary Department at the securities regulatory agency, indicated that license approvals could be announced before the end of the first quarter of 2025.

Zhiheng, who also chairs Hong Kong’s Fintech Advisory Group, reportedly disclosed that the Commission completed on-site inspections of nearly all applicant platforms in 2024. He highlighted that the SFC directly communicated the necessary requirements for license eligibility and ensured crypto platforms were given ample time to address compliance notices during the review process.

Zhiheng also noted that there is “no guarantee” that all 11 platforms will secure licenses, as they must adhere to strict “regulatory red lines.” These include measures to ensure investor protection, meet security standards, and maintain proper operational practices. He expressed optimism that the SFC could share some “good news” within the next month or two.

Notably, Hong Kong’s licensing initiative for crypto service providers has gained support from mainland China, with the People’s Bank of China praising the Island’s regulatory approach in December 2024. The central bank acknowledged the growing global significance of cryptocurrency regulation and licensing frameworks.

However, despite its commitment to expanding crypto licensing, Hong Kong still trails behind Singapore, which issued twice as many crypto licenses in 2024 compared to the previous year.

In another development, Hong Kong lawmaker Wu Jie urged the region’s government to consider adding Bitcoin to its fiscal reserves. Wu proposed using foreign exchange funds to acquire and maintain digital assets in the long term, citing Bitcoin’s finite supply as a potential hedge against inflation and a competitor to traditional assets.

While acknowledging its volatility, the lawmaker suggested allocating only a small portion of reserves to the initiative. Wu noted that adoption by major economies could stabilize its value, reducing reliance on traditional reserves like gold due to Bitcoin’s lower storage and transaction costs.

 

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Tags: Hong KongVirtual Assets
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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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