February 6, 2025

CryptoInfoNet

Cryptocurrency News

SFC Expands Eligibility for Swift Licensing to Additional Cryptocurrency Applicants

SFC Extends Swift Licensing to More Crypto Applicants

The regulatory body for securities in Hong Kong has expanded its rapid authorization process to include additional cryptocurrency exchange applicants.

Under the Securities and Futures Commission’s (SFC) efficient licensing regime, any new aspirants of the virtual asset trading platform (VATP) can now apply, as disclosed in a notice. This expedited method mandates that candidates must already have their operational policies, procedures, systems, and controls in place before undergoing an independent review of these processes.

This initiative is a continuation of the SFC’s pledge to roll out additional cryptocurrency trading permits by the end of 2024. During December, four cryptocurrency exchanges were sanctioned.

«The SFC is dedicated to nurturing a conducive environment and establishing a stringent regulatory infrastructure for virtual asset ventures in Hong Kong. Our new methodology will improve our engagement with VATP candidates, furnishing them with pertinent and expedited feedback. This will empower well-regulated VATPs to promptly offer their services to clientele,» remarked Eric Yip, the SFC’s executive director of intermediaries.

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