According to a report by Zhitong Finance Network, Ye Zhiheng, Executive Director of the Intermediary Department of the Hong Kong Securities Regulatory Commission (Chairman of the Financial Technology Advisory Group), recently revealed that there will soon be new licenses for virtual asset platforms to be approved, and it is believed that there will be good news in the first quarter. He continued by saying that almost all applicants had undergone on-site inspections last year, and regulators had the opportunity to express their requirements. The platform also had time to respond, and the industry believes that direct communication can accelerate the approval process. Ye Zhiheng stated that he cannot guarantee that all 11 applications will be approved at present, as he needs to uphold regulatory red lines, including investor protection and operator network security requirements. However, he hopes to be given one or two months, and there should be good news. Previously, the Hong Kong Securities and Futures Commission had announced the establishment of an advisory group for all licensed platforms in early 2025 to ensure that industry perspectives are taken into account in the policy-making process. Ye Zhiheng stated that executives from licensed platforms have been invited to attend, and he hopes that each licensed platform will send representatives to participate. The first meeting is expected to be held after the Lunar New Year and in the first quarter.
