Most of the 51 opinions support regulation under the traditional securities framework. It seems that the compliance path for Web3 in Hong Kong is becoming clearer, with legislation expected within the year.

The legislative consultation summary on the regulation of service providers offering virtual asset advisory services and virtual asset management service providers by the Hong Kong Financial Secretary and the Securities and Futures Commission shows that 51 submissions mostly support establishing sub-sector regulation based on the traditional securities market regulatory framework, agree with the proposed scope and exemptions, and have proposed optimization and clarification suggestions; the two authorities plan to finalize a legislative draft based on this that covers regulations for virtual asset trading, custody, advisory services, and asset management, with plans to submit it to the Legislative Council within this year.