TechFlow News, June 1: According to reports by Hong Kong Economic Times (Hket), Chan Ho-lam, Acting Secretary for Financial Services and the Treasury of Hong Kong, stated that the government will submit legislative proposals to the Legislative Council this year regarding the provision of advice and management services related to virtual assets. The aim is to establish a comprehensive regulatory regime covering trading, custody, advisory services, and asset management, and to implement a mandatory licensing arrangement.
The new framework will be advanced under the principle of “same business, same risk, same rules,” aligning with relevant regulated activities stipulated in the existing Securities and Futures Ordinance, with particular emphasis on strengthening private key management and client asset security requirements in virtual asset custody.
The Securities and Futures Commission (SFC) of Hong Kong noted that applications for virtual asset-related licenses continue to rise; however, licensing will adhere strictly to the principle of “quality over quantity,” balancing market capacity and quality.
