The HKMA and the SFC will keep in view market developments, and review the requirements on VA-related activities as appropriate.
Licensed corporations and registered institutions can distribute crypto-related products after notifying regulators, without modifying their licensing conditions.
The stringency of Hong Kong's licensing regulations has drawn criticism for deterring major global exchanges, impacting confidence in Hong Kong's Web3 hub aspirations.
Hong Kong approved the launch of six spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) to provide exposure to crypto without technical expertise.
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