Hong Kong Legislative Council member: The Hong Kong government is about to launch legislative proposals for the regulation of stablecoin issuers and the regulation of virtual asset over-the-counter exchange.

Golden Finance reported that Hong Kong legislator Li Weihong wrote an article in Ta Kung Pao, focusing on exploring how to expand new market opportunities, improve the pain points of Hong Kong's financial services industry, and enhance economic development momentum. He pointed out the welcome of the Securities and Futures Commission of Hong Kong to relax investor restrictions on virtual asset trading and moderately allow retail investors to participate. He suggested that regulatory agencies should steadily increase the participation of retail investors in more diverse virtual asset product transactions (including increasing different currencies) through strengthening investor education. He emphasized that trading on local Compliance platforms will receive greater regulatory protection to promote the development of Hong Kong's virtual asset market. At the same time, the industry also hopes that the CSRC can expedite the approval of the upgrade of the asset management license, as well as moderately relax the regulations on intermediary sales of virtual asset ETFs (such as relevant product disclosures and customer knowledge assessments). Li Weihong stated that the Hong Kong SAR government is about to introduce legislative proposals for the regulation of stablecoin issuers and over-the-counter exchange of virtual assets; hoping that the approval process for relevant licenses in the future should be as streamlined as possible, and the threshold requirements should not be too high, achieving a proper balance between regulation and market development.