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Hong Kong regulators target 2026 legislation for virtual asset dealer and custodian rules
Source: CryptoNewsNet Original Title: Hong Kong regulators target 2026 legislation for virtual asset dealer and custodian rules Original Link: https://cryptonews.net/news/legal/32188371/ Hong Kong plans to complete proposals to regulate virtual asset dealers and custodians and introduce the rules to the city’s Legislative Council in 2026, the Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) announced.
The proposals, developed after a two-month public consultation that drew more than 190 responses, are intended to create a licensing framework for virtual asset dealing and custodial services. The rules will fall under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance and mirror existing requirements for securities dealing.
Hong Kong’s government is developing a regulatory environment to encourage the development of the city’s crypto industry in an effort to establish it as Asia’s crypto hub of choice. This regulatory approach aims to strengthen the city’s position in the global virtual asset ecosystem.