Hong Kong Legislative Council member Kenneth Leung: The independent licensing of virtual asset custody services is yet to be resolved

ChainCatcher news, Hong Kong Legislative Council member Kenneth Lau recently stated in an article titled "Three Pillars to Assist the Future Development of Web3" that this month (March), the Monetary Authority launched a "sandbox" for stablecoin issuers… The Hong Kong government is gradually updating policies, with the aim of maintaining overall financial stability, and progressively allowing Web3 financial products to be launched in the market.

After multiple layouts, it is estimated that the unresolved issue is whether virtual asset custody services need to be independently licensed. Once this remaining piece of the puzzle is addressed, the legal foundation and regulatory framework concerning virtual assets will be largely complete. Moving forward, Hong Kong needs the market to combine blockchain technology and financial innovation to launch various new products and services, leveraging technology to enhance Hong Kong's competitiveness as an international financial and innovation center.