Hong Kong SFC Discusses Scrapping 10% Minimum Exemption for Virtual Asset Management

Odaily Planet Daily News The Hong Kong Securities and Futures Professionals Association stated that representatives from regulatory bodies, including Executive Director of the Intermediaries Division of the Securities and Futures Commission (SFC), Keith Yeung, and Under Secretary for Financial Services and the Treasury, Joseph Chan, discussed several specific policy changes during a meeting. These include: cancelling the previous 10% minimum exemption for virtual asset management, with the new regulations taking immediate effect and no transitional arrangements.

Additionally, the SFC indicated that it has communicated with the Hong Kong Securities and Investment Institute (HKSI). In the future, the examination for virtual asset platform practitioners will be separated from the course, and the examination fee will be reduced to align with the current fees for papers such as Paper 2 and Paper 3. The Hong Kong Securities and Futures Professionals Association also called for a clear distinction between technology services and regulated activities, suggesting that the SFC establish a more transparent approval timeline and a phased reference framework. (Sing Tao Daily)