¿Con el mismo negocio, mismos riesgos y mismas reglas, al abordar simultáneamente la categoría 4 y la categoría 9, después de elevar los requisitos de cumplimiento, la industria se reorganizará?

Hong Kong plans to introduce licensing rules for virtual asset advisory and management services, requiring companies that provide virtual asset investment advice or manage investment portfolios to obtain formal licenses. The rules are based on the principle of "same business, same risk, same rules," designating virtual asset advisory services as regulated activities under Category 4 of the Securities and Futures Ordinance, and virtual asset management services as regulated activities under Category 9. The legislation is scheduled to be submitted to the Legislative Council in 2026, with SFC Chief Executive Officer Julia Leung describing this as the final step in Hong Kong's digital asset regulatory framework.