According to Sing Tao Headline, the Hong Kong Securities and Futures Professionals Association stated that, following a meeting with regulatory representatives including Deputy Secretary for the Financial Services and the Treasury, Mr. Chan Ho-lim, and Executive Director of the Intermediaries Division of the Securities and Futures Commission (SFC), Mr. Yip Chi-hang, the SFC has committed to moving forward with splitting the “Certified Virtual Asset Platform Professional” (CVAP) examination and training courses, optimizing revision materials, and lowering assessment fees. During the meeting, both sides discussed a range of specific policy changes, including the removal of the prior 10% minimum exemption for virtual asset asset management, as well as arrangements under which the new rules take effect immediately with no transition period. However, details regarding the allocation of entry quotas remain to be clarified. The association said that some of the new virtual asset regulations lack specific operational guidance, leaving institutions facing compliance and operational pressure. In the future, it will continue to communicate with the Financial Services and the Treasury Bureau and the SFC on issues including self-custody of private funds, the boundary between technology services and regulated activities, the VA Payment regulatory framework, the ratio of cold and hot wallets, insurance coverage, on-chain transfer arrangements, and the approval of virtual asset derivative products.