Chairman of the Hong Kong Securities and Futures Association: The SAR government should set up a virtual asset supervision committee to consult and cooperate with relevant mainland departments

Odaily News Chen Zhihua, president of the Hong Kong Securities and Futures Professionals Association, wrote an article entitled Challenges and Prospects of Hong Kong Virtual Asset Platform Licenses, pointing out that mainland laws strictly prohibit overseas institutions from providing virtual currency transactions and services to the mainland. If the Hong Kong Securities and Futures Commission requires that virtual asset platforms applying for licenses must not violate mainland laws, this is equivalent to requiring the entity in Hong Kong to be completely separated from the parent company. In order to solve the problem of multiple supervision, the SAR government should consider setting up a unified virtual asset supervision committee to coordinate the supervision of different institutions and ensure the consistency and effectiveness of regulatory standards to maintain its competitiveness in the global virtual asset market. The following four directions are recommended: 1. Improve the regulatory system. 2. The SAR government must consult with relevant mainland departments to seek cooperation and coordination in virtual asset supervision. 3. Strengthen cross-departmental collaboration. 4. Simplify and accelerate the licensing process, establish a clear approval timetable, and provide transparent expectations for applicants. (orangenews)