Chen Maobo: Hong Kong will introduce a virtual asset service provider licensing system in June

According to reports, on March 17th, when delivering a video speech at the 2WEB3 FEST Hong Kong 2023 event, the Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, stated that in the past few years, the virtual asset industry in Hong Kong is starting to develop steadily. Under the principle of “same activities, same risks, and same supervision”, Hong Kong will introduce a virtual asset service provider licensing system in June this year. “We believe that by establishing an appropriate regulatory licensing system to eliminate the black sheep in the industry, it is beneficial to enhance the overall image of the industry and promote the healthy, orderly and responsible development of the virtual asset industry.” Chen Maobo said. (Interface News)

Interpretation of this information:

On March 17th, Chen Maobo, the Financial Secretary of the Hong Kong Special Administrative Region Government, delivered a video speech at the 2WEB3 FEST Hong Kong 2023 event. He stated that the virtual asset industry in Hong Kong has been steadily developing over the past few years. In June this year, Hong Kong will introduce a virtual asset service provider licensing system under the principle of “same activities, same risks, and same supervision.” The aim of this system is to eliminate untrustworthy businesses from the industry and promote the healthy, orderly, and responsible development of the virtual asset industry.

The virtual asset industry is a new and rapidly growing industry that deals with digital or virtual currencies. Hong Kong is one of the world’s financial hubs and has been relatively open to the use of virtual assets. However, the lack of regulation has led to some uncertainties and risks in the industry. In response to this, Hong Kong is introducing a licensing system to establish an appropriate regulatory framework.

The introduction of this system aims to establish trust and credibility in the virtual asset industry. By eliminating unscrupulous businesses, the overall image of the industry will be enhanced, and responsible businesses will thrive. The licensing system is a key step towards promoting healthy and steady growth of the industry. This move also indicates that Hong Kong is ready to take a leading role in regulating the virtual asset industry.