CoinVoice has recently learned that according to the Ming Pao report, 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 the Securities and Futures Commission will be the main regulator of virtual asset trading custody services, while the Hong Kong Monetary Authority will act as the frontline regulator when banking services are involved.

In addition, Hui mentioned that this is currently just a stage for consultation and gathering market opinions. Regardless of whether a “deemed licensed” arrangement will be established for service providers, market participants will be given ample expectations; if the final plan is implemented according to the new proposals, it will ensure that sufficient regulatory resources and other resources are in place to handle license applications. [Original link]