Chen Zhihua, President of the Hong Kong Securities and Futures Association, advocated in his recent article "Challenges and Prospects of Hong Kong Virtual Asset Platform Licenses"
Hong Kong and the Mainland should "establish a unified virtual asset regulatory committee"
Four specific suggestions were also put forward
First, improve the regulatory system to make it more adaptable to the characteristics and development needs of the virtual asset market
Second, the SAR government should actively engage in dialogue with relevant mainland departments to seek cooperation and coordination in virtual asset supervision to break geographical restrictions and achieve broader regulatory cooperation
Third, strengthen cross-departmental collaboration to ensure that all departments can form a joint force in virtual asset supervision to avoid regulatory gaps and duplication of work
Finally, simplify and accelerate the licensing process, provide applicants with a clear approval timetable and transparent expectations, so as to attract more high-quality virtual asset platforms to settle in Hong Kong
