Hong Kong adjusts virtual asset licensing system and plans to add two types of licenses

The Hong Kong Financial Services and the Treasury Bureau and the Hong Kong Securities and Futures Commission jointly announced that, in addition to regulating "virtual asset trading" and "virtual asset custody" under the original regulatory framework of the Anti-Money Laundering Ordinance (AMLO), they are also preparing to introduce two additional types of licenses. The new licenses will regulate "providing advice on virtual assets" and "virtual asset management," with a public consultation period of one month starting today.

According to the public consultation suggestions, the newly established licenses for "providing advice on virtual assets" and "virtual asset management" effectively separate the regulation of these two activities from the originally intended "virtual asset trading" license.