Secretary for Financial Services and the Treasury of Hong Kong: Financial intermediaries and banks will be able to provide virtual asset trading services under regulatory conditions

ChainCatcher news, the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, Xu Zhengyu, recently published an article titled "The Hong Kong SAR Government's Policy Declaration Pragmatically Promotes the Development of Virtual Assets."

The article points out that the Hong Kong Financial Services and the Treasury Bureau has recently been working to establish a licensing system for virtual asset service providers. Under the new system, virtual asset exchanges will be required to comply with regulations related to anti-money laundering, counter-terrorist financing, and investor protection, just like traditional financial institutions. This will help licensed virtual asset exchanges build credibility, allowing them to reach more investors in the Hong Kong market. In addition, financial intermediaries and banks will be able to collaborate with licensed counterparts from the virtual asset sector and provide virtual asset trading services to clients, subject to relevant regulatory conditions. (Source link)