According to a recent report from BlockBeats news, Hong Kong Securities Regulatory Commission Chief Executive Liang Fengyi shared in an interview with “Hong Kong 01” that they are working towards enhancing the regulatory system for virtual asset trading platforms. They aim to support the tokenization of traditional products and utilize regional chains and Web 3 basic technologies in this process. Liang mentioned that the complete framework will likely be finalized by next year.
In pushing forward the evolution of the financial market, Liang emphasized the importance of embracing financial innovation and advancing the regulatory system for virtual asset trading platforms. Specifically, with regards to virtual asset trading platforms (VATP), Liang mentioned that the Securities and Futures Commission has granted licenses to three platforms, including Hong Kong Virtual Asset Exchange (HKVAX), OSL Exchange, and HashKey Exchange.
There are currently 11 other platforms in the application process for licenses, with the initial phase of on-site reviews already underway. Applicants have been given feedback for improvements, with the aim of making significant progress by the end of the year, including the issuance of licenses in batches. Liang noted that applicants failing to meet requirements will lose their eligibility for licensing, while those meeting the criteria will receive licenses under certain conditions.
In terms of cryptocurrency over-the-counter (OTC) services, Liang mentioned that the China Securities Regulatory Commission has introduced a new licensing system for cryptocurrency OTC services and cryptocurrency custody services and is seeking feedback from industry experts.
(Source: [BlockBeats news](https://m.theblockbeats.info/news/265864))
