PANews reported on June 2 that, according to a press release from the Hong Kong Special Administrative Region Government, Acting Secretary for Financial Services and the Treasury Chan Ho-lim stated in a Legislative Council speech regarding the proposed regulatory regime for institutions providing trading, custody, advisory, and management services for virtual assets that, in order to avoid ambiguity in the regulatory landscape, no transitional arrangements are intended for existing asset trading service providers. All parties currently engaged in or intending to engage in related virtual asset businesses should contact the regulatory authorities as soon as possible to initiate the pre-application process.

Chen Haolian stated that the six existing virtual asset trading platform applicants are still under review. Unless exempted, any virtual asset trading, custody, provision of advice or management services will require a license. The proposed regulatory system includes penalties that are consistent with the existing system's penalties.