According to ChainCatcher, the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, Paul Hui, recently published an article titled "The Hong Kong Special Administrative Region Government's Policy Declaration to Pragmatically Promote the Development of Virtual Assets."

The article points out that the Hong Kong Financial Services and the Treasury Bureau has recently been working on establishing a licensing system for virtual asset service providers. Under the new system, virtual asset exchanges will be subject to the same regulations as current traditional financial institutions on combating money laundering and terrorist financing and protecting investors. This will help licensed virtual asset exchanges build credibility and enable them to reach more investors in the Hong Kong market. In addition, financial intermediaries and banks will be able to cooperate with licensed peers from the virtual asset sector and provide virtual asset trading services to customers in compliance with relevant regulatory conditions. (Source link)