Hong Kong to Introduce Virtual Asset Service Provider Licensing System
According to reports, on March 17th, when delivering a video speech at the 2WEB3 FEST Hong Kong 2023 event, the Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, stated that in the past few years, the virtual asset industry in Hong Kong is starting to develop steadily. Under the principle of “same activities, same risks, and same supervision”, Hong Kong will introduce a virtual asset service provider licensing system in June this year. “We believe that by establishing an appropriate regulatory licensing system to eliminate the black sheep in the industry, it is beneficial to enhance the overall image of the industry and promote the healthy, orderly and responsible development of the virtual asset industry.” Chen Maobo said. (Interface News)
Chen Maobo: Hong Kong will introduce a virtual asset service provider licensing system in June
Analysis based on this information:
The Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, recently announced the introduction of a Virtual Asset Service Provider Licensing System in June this year. In his statement delivered at the 2WEB3 FEST Hong Kong 2023 event, he mentioned that the virtual asset industry in Hong Kong has been developing steadily in the past few years. The new licensing system would ensure that the industry operates under the same principles of “same activities, same risks, and same supervision.”
The virtual asset industry in Hong Kong has been increasing in popularity in recent years. Thus, a licensing system is necessary to regulate the market and ensure that all providers meet specific regulations. The licensing system will establish an appropriate regulatory framework, allowing black-market activities to be eliminated, and creating a healthy, orderly, and responsible industry. Such a system fosters an environment for responsible growth and development of the virtual asset industry in Hong Kong.
The licensing system ensures that service providers are qualified and meet specific regulations required by regulators. This will benefit the overall image of the virtual asset industry and the trust and confidence investors have in the industry. As a result, it is likely that the virtual asset market will continue to grow, and the licensing system will set the pace for the virtual asset industry’s regulation in the region.
In conclusion, Hong Kong’s Virtual Asset Service Provider Licensing System is a significant step towards enhancing the virtual asset industry’s overall image while promoting healthy, orderly, and responsible growth. The licensing system would ensure that all service providers meet specific regulations, benefiting the market and instilling investors’ trust and confidence.
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