Hong Kong Securities and Futures Commission: Virtual Asset Development Roadmap to be Announced This Month

BlockBeats News, February 18th. According to the Radio Television Hong Kong website, the Securities and Futures Commission (SFC) of Hong Kong's Intermediaries Division Executive Director Lee Tsz-heng expects to announce a virtual asset development roadmap within this month. The roadmap, in addition to outlining development principles, will also mention the SFC's expectations in the short term within the scope of market research and areas where platform participants hope to optimize.

Last week, the SFC held its first consultation meeting with representatives of licensed virtual asset trading platform operators. Lee Tsz-heng, who chaired the group, stated that the meeting discussed the future direction of the market. He pointed out that while the market actively applied for licenses in the initial stage, he believed that the more important aspect was the operating model to ensure the sustainable development of their businesses.

Currently, there are 9 licensed virtual asset trading platforms and applicants. When asked whether the platforms still on the applicant list are expected to be licensed, Lee Tsz-heng stated that the progress is very good at the moment, and the market is increasingly clear about the SFC's licensing standards. He emphasized that there will be new licenses issued, but whether all platforms will be granted licenses depends on meeting the requirements.

Additionally, Lee Tsz-heng, speaking at a discussion session during the Asia Securities Industry and Financial Markets Association Annual Conference, mentioned that the upcoming virtual asset roadmap is not primarily focused on the content itself. Instead, it aims to show the SFC's principles to the market and the stance for market consideration. He also does not believe there is a contradiction between market development and regulation, stating that as a regulator, one must understand the market to enhance regulation.