The Hong Kong VASP Virtual Assets Association will be established in June and will add a "Financial Market Development and Innovation Department". The goal is to strengthen the development of financial technology, promote innovative experiments and business trials, and promote sustainable finance and moderately relax regulations. Compared with the original plan of the "Virtual Assets Bureau", the long-awaited cryptocurrency industry and investors who have suffered from financial fraud still have high expectations.
The Financial Supervisory Commission will publish a research report on the special law on virtual assets as early as the end of September and decide whether to introduce a special law before the end of this year; if a special law is to be introduced, the special law framework is expected to be released in the first half of 2025. (KNOWING News)