Yuen Kwok Hang, Deputy Chief Executive of the Hong Kong Monetary Authority, published an article titled "Embracing Opportunities and Dealing with Account Openings" and stated that we have been actively discussing with banks in recent months, and that there are no legal or regulatory requirements prohibiting banks operating in Hong Kong from providing banking services to virtual asset-related institutions. As the framework for regulating virtual asset activities in Hong Kong is gradually implemented, and various parts of the world have successively strengthened relevant regulations in accordance with international standards, banks' understanding of the virtual asset industry has gradually deepened. We expect that regulated virtual asset service providers will gradually successfully open bank accounts through reasonable procedures. In order to meet the demand for account opening and streamline the process, the HKMA will issue a circular to banks later today to further clarify some of the industry's questions about customer due diligence, and share some handled cases and good practices for the industry's reference.
In addition, the HKMA will hold a roundtable meeting with the Securities and Futures Commission tomorrow to communicate directly with the banking industry and some virtual asset-related institutions on the difficulty of opening accounts and share useful information. Earlier today, the Chief Executive of the Hong Kong Securities and Futures Commission, Leung Fung-yee, said that Hong Kong will release the guidelines for the licensing of cryptocurrency trading platforms in May. She said that the regulatory framework applicable to cryptocurrency exchanges has received more than 150 responses during the consultation period.