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Hong Kong Treasury Bureau plans to amend regulations to include over-the-counter trading of virtual assets within the scope of supervision

Hong Kong Treasury Bureau plans to amend regulations to include over-the-counter trading of virtual assets within the scope of supervision

CointimeCointime2024/01/25 07:22
By:Cointime

On January 25th, Chen Haolian, Deputy Director of Hong Kong's Financial Affairs and Treasury Bureau, stated at the Asian Financial Forum that the authorities are not just observers but active participants in promoting the development of virtual assets and third-generation internet ecosystems. He mentioned that the authorities plan to amend the law to include the activities of buying and selling outside the virtual asset market in the regulatory scope.

Chen Haolian stated that in October 2022, the authorities issued a policy statement on the development of virtual assets in Hong Kong, clarifying the government's vision and policy direction. They will ensure that the regulatory system manages and reduces the actual and potential risks of virtual assets while providing a transparent and predictable regulatory environment for industry development.

He said that the virtual asset trading platform operator licensing system was implemented in June last year, and currently, two virtual asset trading platform operators have obtained licenses, while more than 10 platform operators have submitted applications, which are under review by the Securities and Futures Commission.

He also said that more than 20 economies and over 170 companies related to third-generation internet have established entities in Hong Kong, and many companies have expressed interest in opening businesses in Hong Kong.

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