Associação de Gestão de Ativos de Hong Kong manifesta-se: Política de licenciamento de ativos virtuais pode dificultar a entrada de fundos tradicionais

【链文】Hong Kong’s virtual asset regulation has new developments. The regulatory authority plans to remove the exemption threshold for licensed asset management institutions investing in cryptocurrencies with license plate number 9, which sounds simple but could have quite impactful consequences.

Imagine: a fund that allocates only 1% to Bitcoin, under this new regulation, would also need to apply for a full virtual asset management license. What does this mean? Compliance costs will rise sharply, creating an disproportionate burden. The Hong Kong Securities and Futures Professionals Association openly opposes this, fearing it will directly hinder traditional asset management firms’ willingness to explore cryptocurrencies.

A deeper issue arises — the new regulation also requires assets to be held only through licensed custodians, which severely restricts the operational flexibility of Web3 venture capital funds. The association calls for more flexibility: introducing self-custody options and allowing offshore custody arrangements. This approach can both mitigate risks and leave room for market innovation. The balance between regulation and innovation still needs further refinement.