According to Odaily Planet Daily, Chen Zhihua, president of the Hong Kong Securities and Futures Professionals Association, pointed out in the article "Challenges and Prospects of Hong Kong Virtual Asset Platform Licenses" that mainland laws strictly prohibit foreign institutions from providing virtual currency transactions and services to the mainland. If the Hong Kong Securities and Futures Commission requires that the virtual asset platform applying for a license must not violate mainland laws, it is equivalent to requiring the entity in Hong Kong to be completely separated from the parent company.
In order to solve the problem of multiple supervision, the SAR government should consider setting up a unified virtual asset supervision committee to coordinate the supervision of different institutions and ensure the consistency and effectiveness of regulatory standards to maintain its competitiveness in the global virtual asset market. He suggested the following four directions: 1. Improve the regulatory system. 2. The SAR government must consult with relevant mainland departments to seek cooperation and coordination in virtual asset supervision. 3. Strengthen cross-departmental collaboration. 4. Simplify and accelerate the licensing process, set up a clear approval timetable, and provide transparent expectations for applicants.
