Good News

The People's Bank of China (PBOC) released the "PBOC Financial Stability Report (2024)", mentioning global cryptocurrency regulatory dynamics, with a particular emphasis on Hong Kong's progress in cryptocurrency compliance.
Hong Kong is actively exploring cryptocurrency asset licensing management, categorizing virtual assets into two types for regulation: securitized financial assets and non-securitized financial assets. A unique "dual license" system is implemented for operators of virtual asset trading platforms, applicable to the regulation and licensing system under the Securities and Futures Ordinance and the Anti-Money Laundering Ordinance. Institutions engaged in virtual asset business must apply for and obtain 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 to include cryptocurrency exchanges in their routine customer regulatory scope.