Hong Kong to Submit Four Virtual Asset Service Provider Regulations This Year

Hong Kong's Financial Services and the Treasury Bureau (FSTB) has announced plans to submit four draft legislative proposals concerning the regulation of virtual asset service providers to the Legislative Council within this year.

According to a press release from the Hong Kong government, Secretary for Financial Services and the Treasury Christopher Hui stated on January 30th at a Legislative Council briefing that the FSTB and the Securities and Futures Commission (SFC) have jointly published a consultation conclusion on legislative proposals for a regulatory regime for virtual asset trading and custodian service providers. They are currently finalizing the details of these regulations.

The FSTB and SFC have also conducted further public consultations on regulatory frameworks for virtual asset advisory service providers and virtual asset management service providers. The goal is to submit the draft bills for the regulation of these four types of service providers to the Legislative Council within the current year.

Furthermore, the government plans to introduce legislative proposals to implement the Organization for Economic Co-operation and Development's (OECD) crypto-asset reporting framework and Common Reporting Standard amendments. This initiative aims to enable the automatic exchange of tax information related to crypto-asset transactions with other tax jurisdictions starting from 2028.

The FSTB and SFC are working to establish a comprehensive regulatory environment for the virtual asset industry, aligning with international standards and enhancing investor protection.

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