According to Odaily Planet Daily, the Hong Kong Monetary Authority has issued guidelines to local banks on the use of distributed ledger technology (DLT) and supporting the development of Hong Kong's virtual asset ecosystem. These guidelines are intended to support banks in using DLT under controllable risks, and to further promote the wider application of DLT in the industry by clarifying the main regulatory considerations of the HKMA. When approving relevant plans, the HKMA will focus on whether banks have sufficient control measures to properly manage the additional and unique risks brought about by the application of DLT. The HKMA will continue to maintain close communication with the industry to cooperate with the diversified development of technology and markets, and support the orderly development of Hong Kong's virtual asset ecosystem under controllable risks.