Hong Kong Securities Supervision Commission issues vision to promote the flourishing of the fintech ecosystem: expedited license approval process is being implemented

According to official news, the Hong Kong Securities Supervision Commission has issued a vision to promote the flourishing development of Hong Kong's fintech ecosystem. On the basis of the current regulatory measures of the Securities Supervision Commission, which include risk-based on-site inspections and direct dialogue with the applicant's senior management and controllers, the Hong Kong Securities Supervision Commission is implementing an expedited license approval process to process virtual asset trading platform applicants who are deemed to be licensed. To fulfill its commitment to promote the sustainable and responsible development of the virtual asset industry, the Hong Kong Securities Supervision Commission is working with the Hong Kong Special Administrative Region Government and other regulators to formulate proposals on the regulation of the provision of virtual asset trading services and the provision of virtual asset custody services, continue to strengthen its investor protection efforts through active monitoring systems and public warnings, and deepen cooperation with other institutions.