Hong Kong To Submit Bill This Year For Licensing Of Virtual Asset Trading And Custody

Hong Kong plans to submit laws this 12 months to ascertain a licensing regime masking digital asset buying and selling, custody, advisory and administration companies, in accordance with Secretary for Financial Services and the Treasury Christopher Hui.

Hui outlined the measure on October 5 throughout a coverage briefing of the Legislative Council’s Finance Committee on monetary insurance policies below Hong Kong’s 2026–2030 Five-Year Plan and the 2026 Policy Address.

The proposed guidelines type a part of a broader effort to strengthen Hong Kong’s place as a world monetary middle whereas growing new sources of financial progress. The authorities stated the technique is shifting from pursuing financial-sector scale towards enhancing core features, together with value discovery and the sector’s means to help the actual economic system.

Alongside digital belongings, authorities are analyzing methods to strengthen the authorized framework for know-how and telecommunications corporations to detect and take away fraudulent content material, together with scams generated or manipulated utilizing synthetic intelligence.

The authorities’s strategy locations digital belongings inside a wider financial-market growth technique somewhat than treating them as a standalone sector. It additionally consists of measures to strengthen Hong Kong’s position as an offshore renminbi hub, enhance the competitiveness of its inventory market and increase its asset and wealth-management capabilities.

Gold Market Expansion Adds Another Growth Pillar

Hong Kong can be getting ready to construct a broader commodities buying and selling ecosystem, with gold recognized as an preliminary focus. The Hong Kong Gold Central Clearing and Settlement System is scheduled to formally start operations within the first quarter of 2027.

The Hong Kong Stock Exchange is predicted to announce particulars this 12 months of a brand new renminbi-denominated, bodily settled gold futures contract. Regulators are additionally planning changes to the over-the-counter derivatives framework to facilitate threat and funding administration for gold and different commodities.

The authorities stated it’s coordinating measures throughout the monetary sector to help the event of the gold market. These embody larger flexibility for Mandatory Provident Fund investments in gold exchange-traded funds, nearer coordination on insurance coverage for treasured metals and a devoted authorities service to help worldwide and home gold merchants in search of to take part in Hong Kong’s market.

The initiatives complement broader efforts to deepen renminbi monetary exercise. Planned measures embody increasing the usage of renminbi-denominated authorities financing and enhancing offshore renminbi liquidity and market infrastructure.

Taken collectively, the measures point out that Hong Kong is in search of to mix regulation of rising digital-asset actions with the growth of established monetary markets, utilizing each know-how and conventional belongings to strengthen its position as a gateway between mainland China and world buyers.

The put up Hong Kong To Submit Bill This Year For Licensing Of Virtual Asset Trading And Custody appeared first on Metaverse Post.