Hong Kong speed-ups Crypto Licensing Amid Increased Competition

Hong Kong is all set to speed up the licensing process for the crypto trading platforms, a step forward towards its strategy in becoming a global hub of cryptocurrency. 

The move comes as Hong Kong continues to attract global crypto firms and has strengthened its position in the competitive global crypto market. 

Joseph Chan, the Acting Secretary for Financial Services and the Treasury, said at parliament that “The Securities and Futures Commission (SFC) will facilitate a “swift licensing process” and establish a “consultative panel” for licensed platforms starting early by the next year. 

The region has already been registered in crypto licensing in June 2023 and has already granted the licenses to platforms like OSL Exchange, HashKey Exchange, and HKVAX.

In addition to the crypto trading city, Hong Kong is also preparing to regulate stablecoins. The city is also interested in crypto custody services as it has plans to license crypto custodians.