TechFlow News, February 21: According to Hong Kong media outlet Orange News, Chan Chi-wah, President of the Hong Kong Securities and Futures Professionals Association, revealed in a public post that Hong Kong’s virtual asset industry has been hit by an unexpected “compliance storm.” Practitioners applying for virtual asset-related business qualifications report being overwhelmed by regulatory requirements. While existing written policy accepts an additional five hours of Continuing Professional Training (CPT) on related topics, the latest requirement was not issued via formal written documents or publicly available guidance. Instead, it was quietly communicated—without prior notice—to applicants seeking license upgrades, either orally or via individual email. Under this new directive, all Responsible Officers (ROs) involved in such license upgrades—including those who had already obtained upgraded qualifications—must pass a virtual asset regulatory examination administered exclusively by a single designated institution. This near “invisible” mode of instruction undermines the transparency and fairness expected of regulatory authorities. Chan Chi-wah recommends retaining the original policy accepting the additional five-hour CPT requirement and urges regulators to immediately suspend enforcement of the examination requirement via such non-transparent means.
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