Hong Kong's virtual asset industry is facing a "hidden compliance storm," and the Securities and Futures Professionals Association is calling for a suspension of mandatory examinations.

Hong Kong's virtual asset and related businesses are facing sudden changes in compliance requirements. According to Chan Chi-wah, president of the Hong Kong Securities and Futures Professionals Association, applicants for virtual asset license upgrades and existing responsible personnel (ROs) are required to take a virtual asset regulatory exam administered by a single organization. This exam is bundled with the organization's courses, course materials cannot be easily reviewed, and registration and technical support are confusing. It is understood that this requirement was not announced through official documents or public guidelines, but rather verbally or via individual emails, lacking transparency and fairness. This increases compliance costs for practitioners, impacts business development, and the absence of a public consultation mechanism means policy-making lacks frontline feedback. The Hong Kong Securities and Futures Professionals Association recommends maintaining the existing additional 5 hours of Continuing Professional Training (CPT) and urges regulators to immediately suspend the use of implicit policies to enforce the exam requirement, establish a transparent consultation mechanism, and incorporate stakeholder opinions into policy-making to ensure feasibility and market fairness. (Orangenews)