Hong Kong Proposes Licensing System for Virtual Asset Management

Hong Kong's Financial Services and the Treasury Bureau, along with the Securities and Futures Commission, have released a consultation summary on the regulatory framework for virtual asset advisory and management services. According to ChainCatcher, the proposed licensing system for virtual asset management received broad support during the consultation period. The new licensing regime will adhere to the principle of 'same business, same risk, same rules,' aligning with the regulated activities under the Securities and Futures Ordinance. These new measures aim to enhance participation in Hong Kong's digital asset market and contribute to building a robust and secure ecosystem.