PANews reported on January 16 that the Hong Kong Securities and Futures Commission issued a circular to new virtual asset trading platforms seeking to be licensed - a perfect licensing procedure and optimized external assessment. The circular focuses on the licensing plan and optimized external assessment of new corporations applying for a virtual asset trading platform license, and replaces the subject scope of the external assessment report published in June 2023. All virtual asset trading platform applicants who submit license applications after December 18, 2024, please see this circular. The SFC proactively communicates and strengthens communication with virtual asset trading platforms to provide guidance on the regulatory standards to be achieved in a direct and effective manner, which is the key to the fast-track licensing program. The SFC follows this practice for all virtual asset trading platform applicants seeking to be licensed. According to the perfect licensing procedure, virtual asset trading platform applicants must engage external experts to conduct external assessments after setting up all relevant systems and control measures. The SFC becomes an agreed participant in the external assessment of applications to be conducted by virtual asset trading platform applicants. The SFC has also optimized external assessments to enhance their effectiveness. The enhanced external assessment will focus on ensuring that the policies, procedures, systems and control measures of virtual asset trading platform applicants are appropriately designed and implemented, and must be conducted in a direct attestation manner based on relevant situation standards and frameworks.

Earlier today, it was reported that the Hong Kong Securities and Futures Commission’s fast-track licensing program was extended to new applicants for virtual asset trading platform licenses .