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The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) are set to “review the requirements on virtual asset-related activities as appropriate,” addressing queries from lawmakers about accelerating the crypto licensing process and easing distribution rules for intermediaries. 
Hui emphasized that licensed corporations or registered institutions are authorized to distribute crypto-related products upon notifying the regulators, without the need for altering licensing conditions.&nbsp; 
This <a href="https://www.info.gov.hk/gia/general/202407/03/P2024070200463.htm?fontSize=1" target="_blank" rel="noopener">announcement</a> has been made at a sensitive time, especially after many global exchanges including OKX, Gate.io, and HTX withdrew license applications in May before compliance with a strict deadline set by the SFC. 
Hong Kong’s revamped Capital Investment Entrant Scheme (CIES) has successfully attracted substantial global investment, with Invest Hong Kong (InvestHK) processing over 300 applications since its launch on March 1.&nbsp; 
The Immigration Department has so far accorded 80 applicants “approval in principle” to enable them to invest in the area. The scheme now allows greater flexibility in demonstrating financial capability, requiring applicants to showcase a minimum net worth of HK million, maintained over the past two years. 
The updated Wealth Management Connect Scheme in the Greater Bay Area (GBA), known as WMC 2.0, continues to foster enhanced opportunities for investors and brokerage firms.&nbsp; 
Since its inception in February 2024, WMC 2.0 has raised the individual investment quota and reduced the entry requirements for brokerage firms, encouraging smoother financial exchanges across borders.&nbsp; 
The Securities and Futures Commission, in collaboration with the China Securities Regulatory Commission, is actively integrating more brokerage firms into this initiative.&nbsp; 
The virtual assets (VA) sector, Hong Kong’s regulatory bodies, the SFC and HKMA, have fine-tuned the regulatory landscape. A joint circular issued in December 2023 outlines that intermediaries planning to engage in VA activities must notify the SFC and HKMA in advance. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also read: <a href="https://www.cryptotimes.io/2024/06/30/hong-kong-emerges-as-virtual-asset-hub-with-favorable-rules/">Hong Kong Regains Status as Crypto Hub as Crypto Firms Return Home</a> 
</blockquote>

Hong Kong to Update Crypto Regulations and Licensing

The Crypto Times

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