Odaily Planet Daily News - The People's Bank of China recently released the "China Financial Stability Report (2024)" which mentions global cryptocurrency regulatory dynamics, including compliance progress of cryptocurrencies in Hong Kong. The report indicates that in light of the potential spillover risks of crypto assets to the stability of the financial system, regulatory authorities in various countries are intensifying their oversight of crypto assets. Currently, 51 countries and regions worldwide have implemented prohibitive regulations on crypto assets, and some economies have adjusted existing laws or re-legislated regulations. Among them, Hong Kong is actively exploring the licensing management of crypto assets, categorizing virtual assets into two types for regulation, namely securitized financial assets and non-securitized financial assets. A distinctive "dual licensing" system is implemented for operators of virtual asset trading platforms, applicable to the (Securities and Futures Ordinance) and (Anti-Money Laundering Ordinance) regulatory and licensing systems. 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 customer supervision scope.