According to ChainCatcher, the Hong Kong Monetary Authority and the Securities and Futures Commission plan to consult on the licensing system for virtual asset trading and custody service providers in June, and expect to publish a consultation summary in the first half of next year. The Secretary for Financial Services and the Treasury, Christopher Hui, stated that virtual asset trading custody services will be primarily regulated by the Securities and Futures Commission, while the Monetary Authority will act as the frontline regulator when the services involve banks. Furthermore, Hui mentioned that the current stage is merely for consultation and gathering market opinions. Regardless of whether a 'deemed licensed' arrangement will be established for service providers, there will be sufficient expectations for market participants; if the final plan is implemented according to the new proposals, it will ensure that ample regulatory and other resources are 'in place' to handle license applications.