Deep Tide TechFlow News, on December 30, the People's Bank of China released the China Financial Stability Report (2024), which includes references to global cryptocurrency regulatory dynamics and highlights the compliance progress of cryptocurrencies in Hong Kong. Given the potential spillover risks that crypto assets pose to the stability of the financial system, regulatory bodies in various countries have been increasing their scrutiny of crypto assets. Among them, Hong Kong is actively exploring licensing management for crypto assets, categorizing virtual assets into two types for regulation, namely securitized financial assets and non-securitized financial assets. It implements a distinctive 'dual licensing' system for virtual asset trading platform operators, applicable to the Securities and Futures Ordinance and the Anti-Money Laundering Ordinance, respectively. Institutions engaged in virtual asset business must apply for a registration license from the relevant regulatory authorities to operate. At the same time, Hong Kong requires large financial institutions such as HSBC and Standard Chartered Bank to include cryptocurrency exchanges in their daily client supervision scope.