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Hong Kong to Introduce Licensing System for Virtual Asset Services
The Secretary for Financial Services and the Treasury of Hong Kong, Christopher Hui, announced plans to submit a draft amendment to establish a licensing system for virtual asset trading and custody services. This initiative is part of Hong Kong's first five-year plan focused on enhancing financial services and is expected to be presented to the Legislative Council's Financial Affairs Committee within this year.
In addition to the licensing framework for virtual assets, Hui revealed that the Hong Kong Central Clearing and Settlement System for gold is set to officially launch in the first quarter of next year. Furthermore, the Hong Kong Stock Exchange will provide details regarding a new gold futures contract that will be priced in Renminbi and settled in physical gold before the end of this year.
Source: KLEA News