$BTC 【Hong Kong’s Financial Services and the Treasury Bureau: Plans to Submit Virtual Asset Opinions and Management Service Legislative Proposals Within the Year】

Chen Haolien, Acting Director of the Hong Kong Financial Services and the Treasury Bureau, said the authorities will submit legislative proposals to the Legislative Council within the year on virtual asset opinions and management services, to promote the establishment of a comprehensive regulatory framework covering trading, custody, advisory services, and asset management, and to implement mandatory licensing arrangements.
The new framework will be advanced on the principle of “the same business, the same risks, the same rules,” connecting with the relevant regulated activities under the current Securities and Futures Ordinance, and will focus on strengthening requirements for private key management in virtual asset custody and ensuring customer asset safety.
The Hong Kong Securities and Futures Commission stated that the number of virtual-asset-related licensing applications is continuing to increase, but licensing will adhere to the principle of “emphasizing quality over quantity,” balancing market capacity and quality.