Hong Kong Securities and Futures Commission releases consultation summary on virtual asset regulatory system

According to the Hong Kong Securities and Futures Commission, on May 26th, the Hong Kong Treasury and the Hong Kong Securities and Futures Commission released a consultation summary on the regulatory system for virtual assets. The proposed licensing system covers activities that are regulated under categories 4 and 9 of the Securities and Futures Ordinance, and has received widespread market support. The new system includes virtual asset trading and custody licensing, aiming to enhance participation in the Hong Kong digital asset market and build a robust and secure ecosystem.