Hong Kong will submit a bill within this year to amend its laws and introduce a licensing regime covering virtual asset trading, custody, advisory and management services, according to Acting Secretary for Financial Services and the Treasury Christopher Hui. Speaking at a Legislative Council meeting, Hui also said the Securities and Futures Commission will refine its regulatory framework for tokenized investment products to support the tokenization of real-world assets, or RWA. Separately, the Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority are studying legal framework changes aimed at helping the technology and telecommunications sectors step up detection and removal of fraudulent content, including material involving abuse of AI-generated content. Hui also said Hong Kong Exchanges and Clearing will launch a new gold futures contract denominated in renminbi and settled by physical delivery, while Hong Kong’s central gold clearing and settlement system is set to begin formal operation in the first quarter of next year. The government has also set up a Joint Working Group on Commodities Trading led by the Secretary for Financial Services and the Treasury to review market opportunities.
Hong Kong will submit a bill within this year to amend existing laws and create a licensing regime for virtual asset trading, custody, advisory and management services, Acting Secretary for Financial Services and the Treasury Christopher Hui said at a Legislative Council meeting.
While outlining measures tied to Hong Kong’s first five-year plan and the Policy Address, Hui said the Securities and Futures Commission will refine the regulatory framework for tokenized investment products and support the tokenization of real-world assets, or RWA.
Legal framework review also covers fraud-related content
Hui said the Financial Services and the Treasury Bureau, together with the Hong Kong Monetary Authority, is studying ways to optimize the legal framework so the technology and telecommunications sectors can strengthen the detection and removal of content linked to fraud, including content involving abuse of AI-generated material.
Gold futures and clearing system also on the agenda
Separately, Hui said Hong Kong Exchanges and Clearing will launch a new gold futures contract denominated in renminbi and settled by physical delivery. He added that Hong Kong’s central gold clearing and settlement system will officially start operation in the first quarter of next year.
He also said the government has established a Joint Working Group on Commodities Trading, led by the Secretary for Financial Services and the Treasury, to review market opportunities.
The information was cited from a Hong Kong government press release.
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