PANews reported on October 8th that the Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) jointly issued the "Supplementary Joint Circular Regarding Virtual Asset-Related Activities of Intermediaries" on September 30th, updating the licensing or registration requirements for intermediaries. Based on market developments and industry feedback, the two authorities have optimized and relaxed some regulations and will subsequently issue guidance regarding designated stablecoin activities. The regulations clarify that intermediaries are allowed to provide staking services to their clients, but must operate through separate accounts such as licensed platforms and disclose risks. Licensed corporations and registered institutions may also provide off-platform trading services through licensed platforms. The regulations clarify that clients using virtual assets to subscribe for and redeem investment products, or subscribing to or redeeming virtual asset funds in kind, will not be considered providing virtual asset trading services. Intermediaries are required to provide advance notice, maintain legally compliant holdings of virtual assets, and comply with anti-money laundering regulations. The regulations clarify that intermediaries must ensure that their clients have sufficient net worth, and specifically that they must provide risk disclosure statements to clients regarding virtual asset futures contracts. These statements do not apply to clients who are institutional professional investors or qualified corporate professional investors.