Hong Kong to Establish Virtual Asset Licensing System, Bill to be Submitted by 2026

The Deputy Secretary for Financial Services and the Treasury of Hong Kong, Chen Haolian, announced that Hong Kong will establish a licensing system for virtual asset trading, custody, consulting, and management, with plans to submit a bill to the Legislative Council by 2026. This announcement was made at the main forum of the 11th "Hong Kong FinTech Week x StartmeupHK 2026," which concluded on November 3, discussing themes such as "Finance +," "AI +," and global expansion. The CEO of the Hong Kong Securities and Futures Commission, Liang Fengyi, stated that tokenization needs to be integrated into market operations to enhance liquidity and that appropriate governance should be applied to agency-based AI. The President of the Hong Kong Monetary Authority, Yu Weimen, emphasized the responsible application of AI and tokenization in banking, driven by the "FinTech 2030" initiative. Chief Executive Lee Ka-chao pointed out that Hong Kong's first five-year plan is closely aligned with the national "14th Five-Year Plan," providing a clear and stable business outlook for enterprises.

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