Deep Tide TechFlow news: On June 01, according to hket, Hong Kong’s Acting Financial Secretary and Secretary for the Treasury, Chen Haolian, said that the authorities will, within the year, submit to the Legislative Council legislative proposals on advisory and management services for virtual assets, to promote the establishment of a comprehensive regulatory framework covering trading, custody, advisory services, and asset management, and to implement mandatory licensing arrangements.

Under the new framework, progress will be made in accordance with the principle of “the same business, the same risks, the same rules.” It will align with relevant regulated activities under the current Securities and Futures Ordinance, and will focus on strengthening requirements for private key management and ensuring customer asset safety in the custody of virtual assets. The Hong Kong Securities and Futures Commission said that the number of licensing applications related to virtual assets continues to rise, but licensing will adhere to “prioritizing quality over quantity,” balancing market capacity and quality.