Hong Kong's Virtual Asset Industry Faces "Invisible Compliance Storm," Securities and Futures Professional Association Calls for Suspension of Mandatory Exams

Odaily News: Practitioners in Hong Kong's virtual asset and related businesses have encountered sudden changes in compliance requirements. According to Chen Zhihua, President of the Hong Kong Securities and Futures Professional Association, applicants for virtual asset license upgrades and Responsible Officers (ROs) who have already obtained upgrade qualifications are required to take a virtual asset regulations exam organized by a single institution. Furthermore, the exam is bundled with the institution's courses for sale, course materials cannot be reviewed at will, and registration and technical support are chaotic. It is reported that this requirement was not issued through formal documents or public guidelines but was notified verbally or via individual emails, lacking transparency and fairness. This move increases compliance costs for practitioners, affects business development, and the absence of a public consultation mechanism means policy formulation lacks frontline feedback. The Hong Kong Securities and Futures Professional Association recommends maintaining the original additional 5-hour Continuing Professional Training (CPT) system and urges regulators to immediately suspend the enforcement of exam requirements through invisible policies. It also calls for the establishment of an open and transparent consultation mechanism to incorporate stakeholder opinions into policy-making, ensuring feasibility and market fairness. (Orangenews)