Hong Kong Will Introduce A Licensing System for Virtual Asset Service Providers in June

[ChainDD report] March 17 (ChainDD) On March 17, the Financial Secretary of the Hong Kong Special Administrative Region government, Paul Chan Mo-po, said at the 2WEB3 FEST Hong Kong 2023 that the virtual capital industry had been growing steadily in Hong Kong in the past few years. Under the principle of "the same activity, the same risk, the same regulation", Hong Kong would introduce a licensing system for virtual asset service providers in June this year.

"We believe that an appropriate regulatory licensing system will help enhance the overall image of the industry and promote the healthy, orderly and responsible development of the virtual capital industry," Mr. Chen said.