The Secretary for Financial Services and the Treasury of Hong Kong, Mr. Hui Cheng yu, stated that a draft amendment to the ordinance will be submitted within the year to establish a licensing system for virtual asset trading, custody, provision of advice, and management services. The Hong Kong Financial Services and the Treasury, together with the Hong Kong Monetary Authority, is studying and optimizing the legal framework to promote the technology and telecommunications industries to strengthen the detection and removal of fraudulent content.