Hong Kong Securities and Futures Commission: New Licensing Legislation for Virtual Asset OTC Trading and Custody Expected to Take at Least One Year

The Executive Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission, Yeh Chi-hang, stated that the primary short-term task is to introduce new regulatory licenses for virtual asset over-the-counter trading and virtual asset custody. They will collaborate with the Hong Kong government to consult on and submit legislative proposals for the two new licenses, with legislation expected to take at least a year, and full implementation possibly taking about one and a half to two years. Additionally, Yeh Chi-hang revealed that as the market develops, they will consider expanding the product choices for professional investors and publicly announce plans for market mechanism adjustments.