Chairman of the Hong Kong Securities and Futures Association: The SAR government should set up a virtual asset supervision committee to consult and c

Chen Zhihua, the President of the Hong Kong Securities and Futures Professional Association, wrote an article titled "Challenges and Prospects of Hong Kong's Virtual Asset Platform License", pointing out that mainland laws prohibit overseas institutions from providing virtual currency trading and services to the mainland. If the Hong Kong Securities and Futures Commission requires virtual asset platforms applying for a license, the ultimate controller or parent company cannot violate mainland laws, which means that entities in Hong Kong must be completely separated from their parent companies. To solve the problem of multiple regulations, the SAR government should consider establishing a unified virtual asset regulatory committee, responsible for coordinating the regulatory work of different institutions, ensuring consistency and effectiveness of regulatory standards, and maintaining its competitiveness in the global virtual asset market. The following four directions are recommended:

1. Improve the regulatory system.

2. The SAR government must negotiate with relevant departments in the mainland to seek cooperation and synergy in virtual asset regulation.

3. Strengthen inter-departmental cooperation.

4. Simplify and speed up the licensing process, establish a clear approval schedule, and provide applicants with transparent expectations.