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Odaily Planet Daily News: The Hong Kong Securities and Futures Commission has stated in its virtual asset roadmap that it will explore the provision of pledge services in regulated ecosystems, supplemented by technology and custody guarantees, including the development of requirements for managing customer asset custody, mitigating the reduction and liquidity risks caused by pledges, and ensuring transparency in the operation process of pledges to allow investors to participate in the core functions of virtual assets while benefiting from traditional financial market returns. The Hong Kong Securities and Futures Commission will establish a custodian licensing system, recognizing the crucial role that custodians play in protecting client assets. The legislative preparation work will be led by the Hong Kong SAR government with the participation of regulatory agencies, and is planned to be completed by the end of 2025.