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

According to a press release from the Hong Kong Special Administrative Region Government, the Secretary for Financial Services and the Treasury, Edward Yiu, attended a policy briefing session for the Legislative Council Panel on Financial Affairs. Regarding the policy measures of the Department of Financial Services and the Treasury under Hong Kong’s first five-year plan, he stated that an ordinance amendment bill would be submitted later 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 officially launch in the first quarter of next year, and HKEX will publish the details of a new gold futures contract priced and physically settled in Renminbi within this year.