Hong Kong Financial Services and the Treasury Bureau: Plans to submit proposals for virtual asset opinions and management services legislation within the year

According to hket, Hong Kong's Acting Secretary for Financial Services and the Treasury, Chan Ho-lam, stated that the authorities will submit legislative proposals to the Legislative Council within the year regarding the provision of virtual asset services and management, promoting the establishment of a comprehensive regulatory system covering trading, custody, advisory, and asset management, and implementing a mandatory licensing arrangement.

The new framework will be advanced according to the principle of "same business, same risk, same rules," aligning with the current regulated activities under the Securities and Futures Ordinance, and will focus on strengthening private key management and client asset security requirements in virtual asset custody.

The Hong Kong Securities and Futures Commission stated that the current number of license applications related to virtual assets continues to increase, but licensing will adhere to the principle of "quality over quantity," balancing market capacity and quality.