Hong Kong Financial Services and Treasury Bureau: No plans to provide transitional arrangements for existing virtual asset trading service providers.

CoinFeed reported on June 2nd 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, to avoid regulatory ambiguity, no transitional arrangements are planned 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. Chan Ho-lim stated that six existing virtual asset trading platform applicants are still under review. Unless exempted, engaging in any virtual asset trading, custody, advisory, or management services will require a license. The proposed regulatory regime includes penalties consistent with the existing system.