As a seasoned researcher with a keen interest in the dynamic world of finance and technology, I find the recent announcements by Hong Kong authorities particularly intriguing. Having spent years observing the complexities of regulatory frameworks and their impact on various markets, I am encouraged to see Hong Kong taking decisive steps towards embracing digital assets.
By the close of 2024, Hong Kong authorities intend to grant licenses to additional digital asset exchanges following a comprehensive review process spanning over five months. This announcement was made by Eric Yip, executive director at the Securities and Futures Commission (SFC), during this year’s Fintech Week event.
It appears that Yip observed that many applicants have given careful consideration to the SFC’s advice, demonstrating their dedication to addressing problems and functioning within a controlled setting. However, advancement has been rather gradual.
Yip stated, “Over a span of just five months, we’ve wrapped up all on-site evaluations and shared our findings with the applicants. These inspections have given us valuable insights into these firms’ compliance status directly, allowing us to interact with their staff and, most crucially, their top management. This interaction has been instrumental in helping them grasp our requirements more effectively.
At present, just three exchanges have obtained full licenses, while another eleven are viewed as having ‘implied licensing’. During inspections following their initial approval this year, it was discovered that some of these companies had been engaging in practices deemed unsatisfactory.
After addressing the Securities and Futures Commission’s (SFC) concerns, these digital asset exchanges may receive licenses for limited operations. Yip underscored that a thorough third-party review should be finished first before any restrictions are removed. By early 2025, the SFC aims to establish a consultative panel consisting of licensed exchanges to foster better collaboration.
In a separate statement, Hong Kong Exchanges and Clearing Limited intends to introduce a series called the Virtual Asset Index, which will provide reference prices for Bitcoin and Ether within the Asia-Pacific market.
This action is contributing to Hong Kong’s goal of becoming a prominent digital asset center, as it seeks to compensate for the loss in appeal due to recent political restrictions.
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2024-10-28 10:45