- Buy Crypto
- Markets
Futures- Spot
- Copy Trade
- Earn
- More
Hong Kong's Crypto Asset Management New Regulations Face Industry Resistance, Association Warns One-Size-Fits-All Licensing Requirement May Stifle Innovation
BlockBeats News, January 20th - The Hong Kong securities industry group has raised concerns about the city's proposed digital asset management regulatory framework, warning that the related reforms could hinder traditional asset management institutions from entering the cryptocurrency space.
The Hong Kong Securities and Futures Professional Association expressed opposition in a submission to the regulators on Tuesday to a proposed regulatory adjustment that would eliminate the existing "minimum exemption threshold" for Type 9 asset managers. Under the current framework, institutions holding a Type 9 license (covering discretionary portfolio management and asset management businesses) that allocate less than 10% of the total fund assets to crypto assets only need to report to the regulators without the need to apply for an additional license upgrade.
The Hong Kong Securities and Futures Professional Association pointed out that the proposed reform would eliminate this threshold, meaning that even a 1% allocation to Bitcoin would require a full virtual asset management license. The industry group stated that this "all or nothing" regulatory approach lacks a proportionality principle, believing that even in cases of limited exposure to risk, substantial compliance costs would still be incurred, potentially hindering traditional management institutions from exploring the cryptocurrency asset class.
This industry backlash is directed at a regulatory framework that is already in the fast lane. Last December, after launching a public consultation in June, Hong Kong authorities released a consultation summary report on the related reform proposals. The Hong Kong Treasury and the Securities and Futures Commission have conducted further consultations on introducing a supplementary licensing system for cryptocurrency trading, advisory, and management services.
You may also like
BankrCoin Achieves New Milestones as YZi Labs and ETH Investors Make Significant Moves
Key Takeaways BankrCoin (BNKR) hit a new all-time high with significant market activity. YZi Labs executed a major…
Bitcoin Tests $75K Amid Market Predictions
Key Takeaways Bitcoin shows a 47% chance to test the $75,000 mark this February, contrasting with a potential…
MrBeast Acquires Step to Enhance Financial Offerings for Youth
Key Takeaways YouTube star MrBeast has acquired the financial services platform Step through Beast Industries. The acquisition aims…
Polymarket Predicts Bitcoin Uptrend as MrBeast Ventures into Fintech
Key Takeaways Bitcoin’s Potential Surge: Polymarket denotes a fluctuating probability of Bitcoin achieving $75,000 in February, reflecting volatile…
MrBeast Enters Financial Services with Step Acquisition
Key Takeaways Binance announced an Alpha Airdrop event, highlighting the growing trend of gamified airdrops. Bitcoin prediction markets…
Analysts Predict Bitcoin May Fall to $55K as Support Levels Threaten
Key Takeaways Analysts suggest a potential drop of Bitcoin to $55K if current support levels are breached. Galaxy…
Analysts Predict Bitcoin May Drop to $55K Amid Support Challenges
Key Takeaways Experts caution that Bitcoin could fall to $55,000 if current support levels are breached. The market…
Bitcoin May Decline to $55K: Analysts Warn
Key Takeaways Analysts project Bitcoin could drop to $55,000 if key support levels fail. Technical analysts forecast that…
YZI Labs Transfers Massive ID Tokens to Binance as BNKR Hits New High
Key Takeaways BNKR, a digital currency, has achieved its highest-priced milestone of $0.295 CAD as of January 26,…
MrBeast Acquires Step, Expanding Influence in Teen Finance Market
Key Takeaways MrBeast has acquired the financial services app Step, which caters specifically to Gen Z users. Step…
Analysts Predict Bitcoin’s Critical Support Level May Trigger Decline
Key Takeaways Experts indicate a crucial moment for Bitcoin, with potential price drop to $55,000 if support fails.…
Michael Saylor Faces Bitcoin Valuation Challenges: Impact on the Crypto Market
Key Takeaways Michael Saylor’s Bitcoin investment is currently valued at $55 billion, but recent market trends have seen…
MrBeast Acquires Step FinTech App in Strategic Move
Key Takeaways MrBeast’s company, Beast Industries, has announced the acquisition of Step, a fintech app focused on Gen…
Bitcoin’s Potential Surge Sparks Debate Among Investors
Key Takeaways The probability that Bitcoin will reach $75,000 in February fluctuates as predicted by Polymarket. Bitcoin recently…
Analysts Predict Bitcoin’s Potential Plunge to $55K
Key Takeaways Analysts warn of a possible drop to $55K if Bitcoin’s current support breaks. 10X Research and…
Bitcoin’s Critical Threshold: The Significance of $55,000 USD
Key Takeaways Bitcoin’s value is set to rise from $55,000 to $99,000 if it maintains a growth cycle…
Analysts Predict Bitcoin Drop to $55K as Support Wavers
Key Takeaways Analysts caution that Bitcoin’s price could plummet to $55K if current support levels fail. Galaxy Digital’s…
MrBeast Acquires Step, Expanding Fintech Influence
Key Takeaways MrBeast’s company, Beast Industries, has acquired the Gen Z-focused fintech app Step, which targets teens with…
BankrCoin Achieves New Milestones as YZi Labs and ETH Investors Make Significant Moves
Key Takeaways BankrCoin (BNKR) hit a new all-time high with significant market activity. YZi Labs executed a major…
Bitcoin Tests $75K Amid Market Predictions
Key Takeaways Bitcoin shows a 47% chance to test the $75,000 mark this February, contrasting with a potential…
MrBeast Acquires Step to Enhance Financial Offerings for Youth
Key Takeaways YouTube star MrBeast has acquired the financial services platform Step through Beast Industries. The acquisition aims…
Polymarket Predicts Bitcoin Uptrend as MrBeast Ventures into Fintech
Key Takeaways Bitcoin’s Potential Surge: Polymarket denotes a fluctuating probability of Bitcoin achieving $75,000 in February, reflecting volatile…
MrBeast Enters Financial Services with Step Acquisition
Key Takeaways Binance announced an Alpha Airdrop event, highlighting the growing trend of gamified airdrops. Bitcoin prediction markets…
Analysts Predict Bitcoin May Fall to $55K as Support Levels Threaten
Key Takeaways Analysts suggest a potential drop of Bitcoin to $55K if current support levels are breached. Galaxy…
App