Hong Kong Legislative Council Member Qiu Ta-kan: Independent licensing of virtual asset custody services has yet to be resolved

ChainCatcher news, Hong Kong Legislative Council member Qiu Dagen recently stated in the article "Three Pillars to Help the Future Development of Web3" that this month (March), the Hong Kong Monetary Authority launched a "sandbox" for stablecoin issuers... The Hong Kong government is passing policies step by step The update is based on maintaining overall financial stability and gradually allowing Web3 financial products to be launched in the market. After many layouts, it is estimated that what has not yet been resolved is whether virtual asset custody services need to be independently licensed. Once the remaining pieces of the puzzle are resolved, the legal basis and regulatory mechanisms regarding virtual assets will be largely complete. In the future, Hong Kong needs the market to combine blockchain technology and financial innovation, launch a variety of new products and services, and use technology to enhance Hong Kong's competitiveness as an international financial and innovation and technology center.