Loading...
[Hong Kong Plans to Submit Virtual Asset Management Legislative Proposal Within the Year] According to a report by hket, Christopher Hui, Acting Secretary for Financial Services and the Treasury of Hong Kong, stated that the authorities plan to submit a legislative proposal on virtual asset management to the Legislative Council within the year. The proposal will cover trading, custody, advisory services, and asset management, along with the implementation of a mandatory licensing regime. The new framework will be advanced based on the principle of 'same business, same risks, same rules' and will strengthen private key management and client asset security. The Hong Kong Securities and Futures Commission (SFC) noted that applications for virtual asset licenses continue to increase, but the licensing process will focus on balancing quality and market capacity.