PANews reported on August 19 that the 21st Century Business Herald published an article titled "Central Observation | Continuous Losses, Where is the Future of Hong Kong's Virtual Banks?" In it, HashKey Group COO Livio Weng said that the virtual asset trading services of various virtual banks have not yet been launched and are still awaiting approval from the Hong Kong Monetary Authority. It is expected that the first virtual bank will be approved in the next quarter. In addition to virtual asset ETF trading, these banks also plan to expand their cryptocurrency product lines, including cooperating with virtual asset exchanges to provide users with services for directly purchasing and trading encrypted assets.
However, Livio Weng also pointed out that the development of virtual banks in Hong Kong in the field of virtual asset trading faces some challenges. The Hong Kong Monetary Authority's regulatory framework for virtual assets is still being improved, so virtual banks need to pay close attention to regulatory developments to ensure the compliance of their businesses and transactions.