Christopher Hui, during a speech at a parliamentary hearing, commented on a request from Hong Kong lawmakers about the regulator's position on the procedure for verifying and licensing cryptocurrency companies. The deputies were interested in when the rules for regulating the turnover of digital assets will be revised in this special region of China.
The official assured that regulatory authorities will review the requirements for cryptocurrency-related activities "as necessary, taking into account the economic situation, the pace of development of the cryptocurrency sector and the needs of its participants."
Christopher Hui explained: legal market participants can distribute cryptocurrency products and services on a notification basis without going through additional licensing procedures.
On July 1, a new licensing system developed by the China Securities Regulatory Commission for virtual asset trading platforms (VATP), several international cryptocurrency exchanges, including OKX, came into force in Hong Kong. Gate.io and HTX, have withdrawn their license applications from the Hong Kong Securities and Futures Commission (SFC) and they announced their intention to cease operating activities in the region.