Odaily Planet Daily News: Virtual asset and related business practitioners in Hong Kong face sudden changes in compliance requirements. According to Chen Zhihua, president of the Hong Kong Securities and Futures Professionals Association, applicants for virtual asset license upgrades and those already qualified as Responsible Officers (RO) must participate in a virtual asset regulation exam organized by a single institution. The exam is bundled with that institution’s courses, and the course materials cannot be reviewed at will. Registration and technical support are chaotic. It is reported that this requirement has not been officially issued through formal documents or public guidelines but was communicated verbally or via individual emails, lacking transparency and fairness. This move increases compliance costs for practitioners, affects business development, and the public consultation mechanism is absent, leading to a lack of frontline feedback in policy making. The Hong Kong Securities and Futures Professionals Association recommends maintaining the original additional 5 hours of Continuing Professional Training (CPT) and urges regulators to immediately suspend the enforcement of the exam requirement through covert policies, establish an open and transparent consultation mechanism, and incorporate stakeholder opinions into policy making to ensure feasibility and market fairness. (Orangenews)
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
South Korea to investigate cryptocurrency photo leak and seed phrase incident causing $4.8 million in tax authority losses
The Korea National Tax Service apologized after publicly sharing a photo of a hardware wallet seed phrase, which led to the theft of $4.8 million worth of cryptocurrency. The government has requested police intervention and will strengthen regulations on digital asset management.
GateNews23m ago
What signals did the US SEC send behind the new 2% discount regulation for stablecoins?
The U.S. Securities and Exchange Commission (SEC) issued guidance on payment stablecoins on February 19, allowing broker-dealers to treat stablecoins with a 2% discount when calculating net capital, thereby giving them a legitimate status in capital calculations. This adjustment helps to integrate stablecoins into the mainstream financial system and promotes digital asset trading and services. Peirce's statement and the GENIUS Act could potentially change the market landscape, although federal and state frictions still exist. Nonetheless, this move paves the way for regulatory integration of stablecoins.
区块客24m ago
JPMorgan Sees CLARITY Act as Catalyst Amid Crypto Sell-Off
The JPMorgan report discusses the proposed CLARITY Act aimed at providing clear regulations for digital assets, potentially passing by mid-2026. Key issues include stablecoin yield permissions and conflict-of-interest rules, which are delaying progress.
CryptoFrontNews38m ago
Turkey's ruling party proposes a 10% tax on crypto income and a 0.03% service provider transaction tax
The ruling party in Turkey has proposed a legislative draft to tax cryptocurrency income, requiring platforms to withhold 10% tax each quarter, and crypto service providers to pay a 0.03% transaction tax. Turkey has a high adoption rate of cryptocurrencies, with transaction volumes approaching $200 billion in 2025.
GateNews1h ago
Two regions in Russia lift cryptocurrency mining restrictions, but long-term ban threat still remains
The Republic of Buryatia and the Trans-Baikal Territory in Russia will lift the temporary restrictions on cryptocurrency mining on March 15, but the Moscow government plans to implement a five-year comprehensive ban by 2026. Currently, Russia has banned mining in 10 regions, causing difficulties for business investments. The largest mining company, BitRiver, is facing bankruptcy and the detention of its founder.
GateNews1h ago
U.S. CLARITY Act Nears Vote-Is Regulatory Chaos Finally Ending?
_JPMorgan says U.S. CLARITY Act could pass by mid-2026, aiming to clarify crypto rules, stablecoin yields, and token oversight._
The U.S. crypto industry may soon see clearer federal rules as lawmakers move closer to a vote on the CLARITY Act.
JPMorgan analysts say the bill could pass by mid-2
LiveBTCNews2h ago
