Hong Kong will submit a bill within this year to introduce a licensing regime covering virtual asset trading, custody, advisory and management services, according to Secretary for Financial Services and the Treasury Christopher Hui. Speaking on Oct. 5, Hui said the move comes as the city responds to developments in financial technology innovation. He also said the Financial Services and the Treasury Bureau is working with the Hong Kong Monetary Authority to review and improve the legal framework. That work is aimed at pushing the technology and telecommunications sectors to strengthen the detection and removal of fraudulent content, including material generated through the abusive use of AI. The remarks outline two tracks now under study in Hong Kong: a formal licensing framework for a broader set of virtual asset services, and legal changes tied to online fraud enforcement.
Hong Kong will submit a bill within this year to amend its laws and establish a licensing regime for virtual asset trading, custody, advisory and management services, Secretary for Financial Services and the Treasury Christopher Hui said on Oct. 5, according to BlockBeats.
Hui said the move is being prepared in response to developments in financial technology innovation.
The Financial Services and the Treasury Bureau is also studying legal framework changes with the Hong Kong Monetary Authority. The work is intended to push the technology and telecommunications sectors to step up the detection and removal of fraudulent content, including content involving the abusive use of AI-generated material.
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