TechFlow news, July 7 — According to Ming Pao, the Hong Kong Financial Services and Treasury Bureau and the Securities and Futures Commission (SFC) are conducting a two-month public consultation on a licensing regime for virtual asset trading and custody service providers. Under the new system, the SFC will serve as the primary regulator, while the Hong Kong Monetary Authority (HKMA) will handle frontline supervision related to banking aspects. Financial Secretary Christopher Hui stated that the move aims to centralize oversight of relevant transactions and prevent "regulatory arbitrage." The new regime requires all virtual asset trading service providers to be licensed or registered, including existing intermediaries licensed or registered by the SFC, virtual asset trading platforms, and over-the-counter operators. Summaries of the two consultations are expected to be published in the first half of next year.
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