With the same business, same risks, and same rules, will the industry undergo reshuffling after the compliance thresholds are raised through the combined approach of Category 4 and Category 9?

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 official 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 Category 9 regulated activities.
The legislation is scheduled to be submitted to the Legislative Council in 2026. SFC Chief Executive Officer Julia Leung described this as the final step in Hong Kong's digital asset regulatory framework.