Hong Kong Financial Secretary: A new licensing regime will be introduced for virtual asset service providers

ChainCatcher news, according to a report by Radio Television Hong Kong, Hong Kong's Financial Secretary Paul Chan Mo-po stated that virtual assets have become an unstoppable financial innovation. The government has proposed a vision to embrace the industry, attempting to allow the sector to develop gradually and sustainably in Hong Kong, attracting the global virtual asset community to the city.

Paul Chan indicated that although there have been recent collapses in some virtual asset markets and bankruptcies of virtual asset trading platforms, which have raised public concern, he emphasized that the government is aware of the risks associated with virtual assets. He reiterated that the regulatory approach will adopt the principle of "same business, same risks, same rules," ensuring investor protection.

While attending a banking association event, Paul Chan pointed out that in the coming months, a new licensing system will be introduced for virtual asset service providers to meet compliance requirements such as anti-money laundering, emphasizing the need to ensure that risks are controllable and that market volatility and potential risks do not transmit to the real economy. (Source link)