Hong Kong’s crypto industry has won key changes from the Securities and Futures Commission (SFC) after voicing concerns about the Certified Virtual Asset Platform (CVAP) qualification program. After talks with industry groups, the regulator agreed to separate the CVAP exam from the required training, lower exam fees, and provide official study materials.
These changes should make it easier for professionals to get licensed in Hong Kong’s growing virtual asset sector, with more discussions planned on wider regulatory and operational topics.
These changes came after the Hong Kong Securities and Futures Professionals Association met with officials from the Financial Services and the Treasury Bureau and senior SFC executives. The talks focused on making the new licensing requirements work better as Hong Kong’s crypto regulations expand.
A major concern for the industry was the rule that candidates had to finish mandatory training before taking the CVAP exam. The association said experienced professionals should be able to take the exam directly, without having to attend required classes first.
The SFC accepted this idea and said the exam will now be separate from the training program. Candidates can take the exam on its own, making the process more flexible. The regulator also agreed to create official study materials and lower exam fees to match other licensing exams.
The Certification Programme for Virtual Asset Professionals (CVAP) is Hong Kong’s main qualification for digital asset professionals. Run by the Hong Kong Securities and Investment Institute (HKSI), it tests candidates on blockchain, virtual assets, anti-money laundering, and regulatory compliance.
The association also raised concerns about new rules for virtual asset businesses. Some were put in place without a transition period, and others are based on broad principles without enough practical guidance. The industry group said this makes it harder for new firms to plan for compliance.
The association also asked if the SFC’s board had formally approved the CVAP exam framework, since it affects licensed professionals. The regulator didn’t answer directly but said the exam is held under powers from Hong Kong’s Securities and Futures Ordinance and encouraged current license holders to complete it.
Other topics discussed included self-custody for private funds, how tech service providers are regulated, rules for virtual asset payments, and how long it takes to approve license applications. Industry representatives also asked regulators to speed up approvals for virtual asset derivatives, saying Hong Kong investors don’t have enough access to regulated crypto investment products.
These talks show that Hong Kong is open to improving its regulations while aiming to be a top global digital asset hub. By listening to industry feedback, regulators seem eager to balance strong investor protection with practical rules for businesses.
Stay informed with the latest trends in Web3, blockchain innovation, and cybersecurity updates at 3verseTV
You need to login in order to Like
Leave a comment