[Hong Kong Proposes Unified Licensing Regime for Virtual Asset Advisory and Asset Management, Incorporating Anti-Money Laundering Framework] The Hong Kong Financial Services and the Treasury Bureau, together with the Securities and Futures Commission, has released a consultation summary on the regulatory regime for virtual asset advisory and management services. It confirms the establishment of a licensing regime for virtual asset advisors and virtual asset management service providers. The new regime will be designed in accordance with the business scopes under Type 4 (advising on securities) and Type 9 (asset management) of the Securities and Futures Ordinance and will be incorporated under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. The goal is to submit an amendment bill to the Legislative Council by 2026. Along with the planned licensing arrangements for virtual asset trading and custody, Hong Kong will initially form a comprehensive regulatory framework covering the entire digital asset chain, including trading, custody, advisory, and management. Regulatory authorities also encourage relevant service providers to engage with the Securities and Futures Commission early regarding licensing matters.