Chen Maobo: Hong Kong will introduce a licensing system for virtual asset service providers in June

ChainCatcher news, Financial Secretary Paul Chan of the Hong Kong Special Administrative Region Government stated in a video address at the 2WEB3 FEST Hong Kong 2023 event that the virtual asset industry has been steadily developing in Hong Kong over the past few years.

Paul Chan mentioned that under the principle of "same activity, same risk, same regulation," Hong Kong will introduce a licensing system for virtual asset service providers in June this year. "We believe that by establishing a suitable regulatory licensing system and eliminating bad actors in the industry, it will help enhance the overall image of the industry and promote the healthy, orderly, and responsible development of the virtual asset industry." (source link)