TechFlow, October 24 — According to China Fund News, Mr. Leung Hon Ching, Head of Fintech at the Hong Kong Special Administrative Region's Investment Promotion Agency, said in a recent interview that the Hong Kong SAR government is paying close attention to security token offerings and has been actively advancing preparatory work.
"The first step is to have a compliant trading platform recognized by the Securities and Futures Commission (SFC)"—this step has already been completed. Currently, several virtual asset trading platforms in Hong Kong have completed registration, including OSL and HASHKEY. The second step is product development. Some platforms are now collaborating with well-known property developers, surveyors, and the Big Four accounting firms to design pilot security token products. The most crucial step, however, is perfecting legislation to regulate virtual asset service providers (VASPs).
Mr. Leung expects the draft amendment to be passed by the Legislative Council in the first quarter of 2023. At that point, more VASPs are expected to apply for licenses, leading to a flourishing virtual asset trading market in Hong Kong.
