The Hong Kong Securities and Futures Professionals Association plans to establish an independent self-regulatory organization for the development of virtual assets

ChainCatcher news, the Hong Kong Securities and Futures Professionals Association has published a letter to the Hong Kong Treasury Bureau on its official website titled "Proposal to Establish an Independent Self-Regulatory Organization for the Securities, Futures, Asset Management, and Virtual Asset Industries."

It points out that "in the context of Hong Kong, our association suggests that the Securities and Futures Commission (SFC) should retain its authority to regulate market conduct (for example: prohibiting insider trading, fraud, and market manipulation), but the licensing power should be separated to a self-regulatory organization composed solely of the securities, futures, asset management, and virtual asset industries (and broadly referring to the licensed intermediaries defined by the SFC). The self-regulatory organization has the authority to lead and coordinate the development of the securities industry, including approving new securities firms, approving advertisements, reprimanding licensed intermediaries for violations of business rules, and even imposing limited sanctions within its scope of authority. Furthermore, for the development and changes in the Hong Kong securities industry, proposals should first be made by the members of the self-regulatory organization to its management committee, and after obtaining a majority consensus, should then be submitted to the relevant institutions (including but not limited to the SFC and exchanges) for review and discussion."