Hong Kong’s Securities and Futures Commission held its first meeting of the Virtual Assets Consultation Panel on February 14, telling the key steps in shaping the city’s crypto regulations.
According to the official announcement, the panel was led by Dr. Eric YIP, executive director of SFC. Gather the top executives of all licensed cryptocurrency trading platforms in Hong Kong. Its main goal is to protect investors while helping to develop a robust and resilient cryptocurrency industry.
Highlighting the function of FACP in establishing regulatory priorities and promoting creativity, Dr. YIP stated:
“FACP is part of SFC’s active involvement with SFC licensed VATP, which will help promote sustainable growth in the virtual asset ecosystem and prioritize market development.”
At the meeting, members discussed key priorities such as setting clear policies, market growth, and balancing regulations and innovation. As the crypto space evolves, SFC wants to create rules that support industry growth while ensuring that businesses follow compliance standards.
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Hong Kong has put a great effort into establishing its position as a global cryptocurrency hub. SFC has worked hard to come up with regulations that will encourage industry expansion, sticking to compliance requirements. As previously reported by crypto.news, SFC recently proposed to develop staff with 15 new members.
With the 2025-2026 budget, regulators plan to increase spending by 7.2%, bringing the overall budget to HK 2.599 million ($332.4 million). Unlike other jurisdictions, Hong Kong is trying to establish a thriving yet tightly controlled digital assets economy.
In related news, SFC recently approved Hashkey Capital, a major cryptocurrency exchange, to manage digital assets under a Type 9 license. This means that the company will be able to spot off-the-selling transactions, derivatives and cryptocurrencies for its wealthy clients. These developments demonstrate that institutional use of cryptocurrencies is actively welcomed in Hong Kong.
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