Secretary for the Treasury of the Hong Kong Special Administrative Region Government: It is necessary to formulate a virtual asset supervision system according to market changes

According to CCTV News, on February 7, Xu Zhengyu, director of the Financial Services and Treasury Bureau of the Hong Kong Special Administrative Region Government, said at a meeting of the Financial Services Committee of the Hong Kong Legislative Council that in recent years, there have been new developments in virtual assets in Hong Kong, and relevant regulations need to be revised according to market changes, including: Unlicensed virtual asset exchanges are prohibited from promoting relevant activities, including more virtual assets that meet the definition, etc.

Xu Zhengyu pointed out that the SAR government aims to submit the revised bill to the Legislative Council for deliberation this year.

He pointed out that Hong Kong needs to formulate a system according to the continuous changes in the market, and the SAR government will continue to expand the scope of virtual asset investors depending on the market development in the future.