[Joint Circular by the Hong Kong SFC and HKMA: Allowing Intermediaries to Provide Virtual Asset Staking Services] The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) jointly issued the "Supplemental Joint Circular on Virtual Asset-Related Activities of Intermediaries" on September 30, updating the licensing or registration conditions for intermediaries. **Background:** Based on market developments and industry feedback, the two authorities have optimized and relaxed certain regulations. Further guidance on activities involving designated stablecoins will be issued in the future. **Content:** 1. Intermediaries are allowed to provide staking services to their clients, which must be operated through independent accounts such as licensed platforms, with risks disclosed. 2. Licensed corporations and registered institutions may offer off-platform trading services through licensed platforms. 3. It is clarified that clients subscribing to or redeeming investment products using virtual assets, or subscribing to or redeeming virtual asset funds in physical form, will not be considered as providing virtual asset trading services. Intermediaries must notify clients in advance, hold virtual assets in compliance, and adhere to anti-money laundering regulations. 4. It is clarified that intermediaries must ensure clients meet sufficient net asset requirements. Additionally, the requirement for intermediaries to provide risk disclosure statements regarding virtual asset futures contracts does not apply to clients who are institutional professional investors or qualified corporate professional investors.