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)
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