According to the Hong Kong Government's press release, Acting Secretary for Financial Services and the Treasury, Christopher Hui, stated on June 1st that after implementing licensing for trading platforms and regulation of stablecoins, the next step will be to comprehensively promote the regulation of virtual asset trading, custody, consulting, and management services to connect the entire ecosystem. The proposed regulations stipulate that, except for exemptions, anyone engaged in related businesses in Hong Kong must be licensed or registered with the Securities and Futures Commission. Among them, trading, consulting, and management activities are basically consistent with the regulated activities under Classes 1, 4, and 9 of the current Securities and Futures Ordinance, while custody services focus on the risks associated with private key storage. To ensure clear regulation, Hong Kong does not plan to provide a transitional arrangement where businesses are considered licensed, but will leave time for business adjustments, aiming to submit a draft amendment bill to the Legislative Council within this year (2026).