According to ChainCatcher, the Hong Kong Monetary Authority and the Securities and Futures Commission plan to consult on a licensing regime for virtual asset trading and custody service providers in June, with an expected summary of the consultation to be published in the first half of next year. The Secretary for Financial Services and the Treasury, Christopher Hui, stated that the Securities and Futures Commission will serve as the primary regulator for virtual asset trading and custody services, while the Monetary Authority will be the frontline regulator when banking services are involved. Additionally, Hui mentioned that the current stage is just for consultation and gathering market opinions, and regardless of whether a 'deemed licensed' arrangement will be established for service providers, market participants will be given adequate expectations. If the final plan is implemented according to the new proposals, there will be adequate regulatory resources and other resources in place to handle license applications.