The Hong Kong Securities and Investment Institute (HKSI) is gearing up to provide training programs for virtual asset traders as Hong Kong positions itself as a digital hub amid increased global regulatory scrutiny on online assets. According to a South China Morning Post report, the HKSI, supported by the local regulator Securities and Futures Commission (SFC), will offer training and licensing exams for traders on centralized virtual asset platforms operating in Hong Kong. New operators must obtain licenses while existing operators and traders have until June next year to apply for licenses under the new regulations.
HKSI prepares traders for digital asset market
To meet the demand for training in the virtual asset space, the HKSI plans to launch a series of training programs and seminars in the coming months. Colin Shaftesley, Chairman of HKSI, is confident about the popularity of these upcoming virtual asset training programs, particularly among young people who have shown a keen interest in the virtual asset industry in Hong Kong. Shaftesley emphasizes that regulation provides the industry with more confidence, allowing market participants to market themselves more comfortably as regulated entities.
While the HKSI will oversee the training and licensing examination, the SFC will determine the timing of the first examination.
The HKSI, established in 1997, is responsible for training and conducting licensing exams for brokers and asset managers in Hong Kong, with approximately 30,000 candidates taking the examination annually. Over the years, the training needs have evolved, driven by increasingly diversified and sophisticated markets. Today, market participants are keen to learn about topics such as fintech, green financing, ESG (Environmental, Social, and Governance), risk management, and other new initiatives. The delivery of training has also transformed from physical classroom lessons to online training, a shift accelerated by the social unrest in 2019 and the COVID-19 pandemic, which limited citizens’ movement.
As part of the institute’s future plans, remote online examination platforms are expected to be launched in September. This will enable candidates to take the licensed examination even if they are located in the UK, US, or Japan, opening up opportunities for global participation.
Hong Kong’s regulatory push and challenges ahead
Hong Kong recently implemented a new licensing system for digital trading platforms and exchanges, introducing stricter rules for digital asset companies. The licensing system aims at allowing retail trading in cryptocurrencies, providing a much-needed boost to the industry. Also, Hong Kong aims to create a transparent regulatory framework to attract crypto enthusiasts, distinguishing itself from mainland China’s cautious approach to the industry.
However, achieving the right balance between investor protection and business appeal remains a challenge. The nature of the digital asset industry can be opaque, necessitating careful navigation to ensure market integrity. Additionally, the success of a crypto-friendly Hong Kong may raise concerns in Beijing, where there may be apprehension that Hong Kong’s approach could impact its control over financial flows in Greater China.
As Hong Kong continues to position itself as a digital hub, training programs provided by institutions like the HKSI will play a crucial role in equipping traders with the necessary expertise for operating in the evolving digital asset market.
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