Hong Kong is stepping up its efforts to establish itself as a leading hub for cryptocurrencies by speeding up the licensing process for cryptocurrency trading platforms.
Joseph Chan, acting secretary for Financial Services and Treasury (FSTB), has announced that the Securities and Futures Commission will streamline the licensing process and set up an advisory panel in early 2025.
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It is worth noting that Hong Kong has already granted licenses since the implementation of a licensing regime in June 2023.
The government is also establishing regulations for stablecoins.
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In addition, authorities are paying attention to cryptocurrency custody services, as regulators plan to submit a proposal to license crypto custodians next year.