Hong Kong Financial Secretary: Will Submit Draft Amendment Bill This Year to Establish Licensing Regime for Virtual Asset Trading and Custody

On Oct 5, according to a press release from the Hong Kong Special Administrative Region Government, Xu Zhengyu, Secretary for Financial Services and Treasury, attended a policy briefing by the Legislative Council Panel on Financial Affairs. In his remarks on policy measures under Hong Kong’s first five-year plan, he stated that a draft bill amending the relevant ordinance will be submitted this year to establish a licensing regime for virtual asset trading, custody, advisory, and management services. Additionally, the Hong Kong Gold Central Clearing and Settlement System will formally launch in the first quarter of next year, and the Hong Kong Stock Exchange will announce details of a new RMB-denominated and physically settled gold futures contract later this year.