Hong Kong’s Securities and Futures Commission held the first meeting of its virtual asset consultative panel on 14 February, with an important step in shaping the city’s crypto rules.
Official according to the officer AnnouncementThe panel was led by SFC Executive Director Dr. Eric Yip did it. This brings top officials together with all licensed cryptocurrency trading platforms in Hong Kong. Its main goal is to protect investors by assisting in the development of a strong and flexible cryptocurrency industry.
Dr. YIP emphasized the work of VACP in establishing regulatory priorities and encouraging creativity, stating:
“Vacp SFC-is part of SFC’s active connection with licensed VATPS. This virtual asset increases permanent growth in ecosystem, and determines preferences for market development ”
In the meeting, members discussed major priorities such as establishing clear policies, growing markets and balanced rules with innovation. As a crypto space develops, SFC wants to create rules that ensure that companies follow compliance standards.
Hong Kong has made important efforts to establish itself as a global cryptocurrency hub. SFC is working hard to come up with rules that promote the expansion of the industry while clinging to compliance requirements. As reported earlier by Crypto.news, the SFC recently proposed to lift its employees with 15 new members, 8 of which would be focused on virtual asset rules.
In its 2025-2026 budget, the regulator planned to increase the expenditure by 7.2%, making its overall budget HK $ 2.59 billion ($ 332.4 million). Unlike other courts, Hong Kong is trying to establish the economy of a prosperous but tightly controlled digital assets.
In the relevant news, SFC has recently approved a major Cryptocurrency Exchange Hashi Capital 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 to rich customers. These developments suggest that institutional use of cryptocurrency in Hong Kong is being aggressively welcomed.
