The Hong Kong Securities and Futures Professionals Association has urged regulators to retain a 10% 'de minimis' exemption allowing Type 9 licensed asset managers to allocate minor portions of portfolios to crypto without a full virtual asset license. The proposed rule would eliminate this threshold, requiring full licensing even for minimal crypto exposure, which the association argues could discourage traditional fund managers from entering the digital asset market. The consultation is part of Hong Kong's broader effort to expand crypto regulation, aiming to increase institutional involvement while tightening oversight.