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Huang Tianyou disclosed that the Hong Kong Securities and Futures Commission is advancing the expansion of virtual assets: it will relax the product scope for licensed institutions, covering secondary trading of tokenized assets as well as financing and leverage frameworks. 12 platforms are projected to have a 2025 trading volume exceeding HKD 640 billion, nearly tripling year over year in the first quarter. The regulatory framework is being improved in tandem, covering custody, trading, asset management, and investment advisory, with the goal of submitting a legislative draft in 2026, emphasizing the principle of the same business, the same risks, and the same rules. #HongKongSFC