Hong Kong Securities and Futures Commission: Legislation for new licenses for over-the-counter trading and custody of virtual assets is expected to take at least one year

According to a report by Golden Finance, Ye Zhiheng, Executive Director of the Intermediary Department of the Hong Kong Securities and Futures Commission, stated that the top priority in the short term is to launch new regulatory licenses for off exchange trading and virtual asset custody. He will work with the Hong Kong government to consult and submit legislative drafts for the two new licenses. It is expected that legislation will take at least one year, and full implementation may take about one and a half to two years. In addition, Ye Zhiheng also revealed that with the development of the market, he will consider expanding the product selection of professional investors and publicly announce the adjustment plan of the market mechanism.