The central bank released the "China Financial Stability Report (2024)", mentioning the progress of Hong Kong's cryptocurrency compliance

The People's Bank of China recently released the "China Financial Stability Report (2024)", which mentioned the global cryptocurrency regulatory dynamics, including the progress of cryptocurrency compliance in Hong Kong. The report pointed out that in view of the possible spillover risks of crypto assets to the stability of the financial system, regulatory authorities in various countries have continuously increased their supervision of crypto assets. At present, 51 countries and regions in the world have issued prohibition regulations on crypto assets, and some economies have adjusted their original laws or re-legislated regulations. Among them, Hong Kong, China actively explores the management of crypto asset licenses, divides virtual assets into two categories for supervision, namely securitized financial assets and non-securitized financial assets, and implements a special "dual license" system for operators of virtual asset trading platforms, which are respectively applicable to the supervision and licensing system of the Securities and Futures Ordinance and the Anti-Money Laundering Ordinance. Institutions engaged in virtual asset business must apply for registration licenses from relevant regulatory authorities before they can operate. At the same time, Hong Kong requires large financial institutions such as HSBC and Standard Chartered Bank to include crypto asset exchanges in the scope of daily customer supervision.