Hong Kong just made it simpler for crypto entities to get licenses.
Its market regulator, the Securities and Futures Commission, announced Thursday that all applicants could now seek licenses under a new “swift” process.
The move is part of Hong Kong’s effort to become a regional crypto hub.
The new system will apply to license applications made after 18 December and involves a single external evaluation. It replaces a previous two-phase assessment involving on-site inspections.
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The idea is to bring the services of the firms to “investors more swiftly,” said Dr Eric Yip, the SFC’s Executive Director of Intermediaries. Last month, Hong Kong gave full crypto licenses to four applicants but 11 are still to be fully licensed.
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