Hong Kong to Submit Bill This Year on Licensing for Virtual Asset Trading, Custody, Advisory and Management
Summary
- The Hong Kong government said it will submit ordinance amendments within this year to establish a licensing regime for virtual asset trading, custody, advisory, and management services.
- The move is part of a fintech innovation policy under its 2026-2030 financial market development strategy.
- The Hong Kong government is also reviewing legal changes to strengthen the detection and removal of fraudulent content that misuses artificial intelligence alongside efforts to revamp virtual asset rules.
The Hong Kong government is moving to introduce a new licensing regime covering virtual asset trading, custody, advisory and management services.
On Oct. 5, Christopher Hui, secretary for financial services and the treasury, told a policy briefing for the Legislative Council Panel on Financial Affairs that the government will submit amendments to relevant ordinances within the year to establish the licensing framework.
The move is part of the government's fintech innovation policy under its 2026-2030 financial market development strategy. Hong Kong aims to reinforce its role as an international financial center while expanding new growth drivers in the financial industry.
The government is also reviewing legal changes to strengthen the detection and removal of fraudulent content that misuses artificial intelligence as it revamps virtual asset regulations. It plans to work with the Hong Kong Monetary Authority to strengthen response systems across the technology and telecommunications industries.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.