Chen Haolian: The Hong Kong government plans to launch a consultation on a virtual asset custody licensing system next year

ChainCatcher news, the Deputy Secretary for Financial Services and the Treasury of Hong Kong, Chen Haolian, stated that the second round of public consultation on the regulation of virtual asset over-the-counter (OTC) trading is planned to be completed next year. A proposed licensing system for regulating virtual asset custodians will also be consulted next year to ensure the secure custody of digital assets meets international standards.

Chen Haolian emphasized that the licensing system for virtual asset trading platforms introduced in June last year is an important milestone. Before the end of this year, a bill will be submitted to the Legislative Council to establish a licensing system for fiat-backed stablecoin issuers, creating a secure framework for this emerging market. He pointed out that many financial institutions choose to set up regional headquarters or the largest regional operations in Hong Kong, which means that Web 3 companies can easily access a large pool of potential customers, investors, and business partners.