Joint Circular from the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority: Intermediaries are allowed to provide virtual asset pledge services

On September 30th, the Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) jointly issued a "Supplementary Joint Circular Regarding Virtual Asset-Related Activities of Intermediaries," updating the licensing or registration requirements for intermediaries. Based on market developments and industry feedback, the two authorities have optimized and relaxed certain regulations and will subsequently issue guidance regarding designated stablecoin activities.