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crypto.news 2025-02-14 12:54:29

Hong Kong’s SFC holds first-ever crypto advisory committee meeting

Hong Kong’s Securities and Futures Commission held the first meeting of its Virtual Asset Consultative Panel on Feb. 14, marking a key step in shaping the city’s crypto regulations. According to the official announcement , the panel was led by SFC Executive Director Dr. Eric Yip. It brings together top executives from all licensed cryptocurrency trading platforms in Hong Kong. Its main goal is to safeguard investors while assisting in the development of a robust and resilient cryptocurrency industry. Dr. Yip stressed the VACP’s function in establishing regulatory priorities and encouraging creativity, stating: “The VACP is part of the SFC’s proactive engagement with SFC-licensed VATPs. It enhances sustainable growth in the virtual asset ecosystem, and helps set priorities for market development” At the meeting, members discussed key priorities like setting clear policies, growing the market, and balancing regulations with innovation. As the crypto space evolves, the SFC wants to create rules that support industry growth while ensuring companies follow compliance standards. You might also like: Hong Kong’s HashKey raises $30m from Chinese venture firm Gaorong Ventures: report Hong Kong has made significant efforts to establish itself as a global cryptocurrency hub. The SFC has been working hard to come up with regulations that promote the expansion of the industry while sticking to compliance requirements. As previously reported by crypto.news, the SFC recently made a proposal to raise its staff with15 new members, 8 of whom will be focused on virtual asset rules. In its 2025–2026 budget, the regulator plans to increase spending by 7.2%, bringing its overall budget to HK$2.59 billion ($332.4 million). Unlike other jurisdictions, Hong Kong is making an attempt to establish a thriving but tightly controlled digital assets economy. In related news, the SFC recently approved HashKey Capital, a leading cryptocurrency exchange, to manage digital assets under its Type 9 license. This means that the company can now manage over-the-counter trading, derivatives, and spot cryptocurrency for wealthy customers. These developments show that institutional use of cryptocurrency is being aggressively welcomed in Hong Kong. Read more: Bitget secures Bulgarian VASP license, expanding European presence

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