Hong Kong Securities and Futures Commission's survey on asset and wealth management activities: Total assets under management reached a record high of US$5.4 trillion last year.
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The Hong Kong Securities and Futures Commission is discussing the removal of the 10% minimum investment exemption for virtual asset management.
According to Odaily Odaily, the Hong Kong Securities and Futures Professionals Association stated that representatives from the regulatory body, including Ip Chi-hang, Executive Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission, and Chan Ho-lim, Under Secretary for Financial Services and the Treasury, met to discuss several specific policy changes, including: canceling the previous 10% minimum investment exemption for virtual asset management, and the new regulations taking effect immediately without a transition period. In addition, the Hong Kong Securities and Futures Commission (SFC) stated that it has communicated with the Hong Kong Securities and Investment Institute (HKSI) to separate the examination and courses for virtual asset platform practitioners, and to reduce the examination fees to align with the current Paper 2 and Paper 3 examination fees. The Hong Kong Securities and Futures Association also requested a clear distinction between technology services and regulated activities, and suggested that the SFC establish a clearer approval timetable and phased reference framework. (Sing Tao Daily)
The Hong Kong Securities and Futures Professionals Association met with regulators to discuss issues related to the operating costs of virtual asset platforms.
According to Foresight News , the Hong Kong Securities and Futures Professionals Association (HKSFPA) held a meeting on July 3 with Mr. Chan Ho-lim, Under Secretary for Financial Services and the Treasury, the secretaries-general, Mr. Yip Chi-hang, Executive Director of the Intermediaries Division of the Securities and Futures Commission, Ms. To Yee-wah, Senior Director, and Ms. Wong Lok-yan, Director and Head of the Fintech Group, to discuss issues such as new policies on virtual assets, licensing system and operating costs. At the meeting, the Hong Kong Securities and Futures Professionals Association highlighted the high operating cost pressures currently faced by Virtual Asset Platforms (VATP), including the monopoly of Hardware Security Module (HSM) supply, restrictions on the ratio of cold and hot wallets, excessively high insurance coverage requirements, and on-chain transaction miner fees. They urged regulators to flexibly adjust relevant requirements while ensuring risk control. Furthermore, both sides exchanged views on issues such as the delineation of regulatory boundaries, license approval efficiency, timelines for approving innovative products, and the division of regulatory responsibilities for VA Payments.
Hong Kong Stock Exchange's USD gold futures trading volume hit a record high
According to Odaily, the Hong Kong Stock Exchange announced that a record 6,676 contracts were traded in the daytime trading session for US dollar gold futures, surpassing the previous record of 3,039 contracts set on November 7, 2022. The bid-ask spread for the most active month contracts narrowed to one to two ticks, with the August contract as low as $0.01 (one tick) and the December contract as low as two ticks. The Hong Kong Stock Exchange (HKEX) continues to introduce optimization measures for its US dollar gold futures contracts, attracting active participation from various market participants, including banks, securities firms, high-frequency trading institutions, traders, gold producers, and consumer companies. This is an important step in HKEX's strategy to improve its gold product portfolio and deepen its diversified asset ecosystem, further supporting Hong Kong's development into a leading international gold trading and storage center. (HKEX)
Mirae Asset's Hong Kong branch will launch a tokenized asset trading platform within three years, initially targeting Hong Kong clients.
According to a report by Straight News, Mirae Asset's Hong Kong branch plans to launch a tokenized asset trading platform within the next three years. This platform aims to convert existing investment assets and traditional financial assets into tokens for clients to trade. The company has recently expanded its business based on its newly launched trading platform, MAPS (Mirae Asset Portfolio Service), striving to transform from institutional business to a client-centric platform. Initially targeting Hong Kong clients, the platform's long-term goal is to establish a cross-regional trading architecture connecting South Korea and overseas markets.
The People's Bank of China and Hong Kong regulators support the joint establishment of a fixed-income and currency electronic trading platform in Hong Kong.
PANews reported on July 7 that the People's Bank of China, the Hong Kong Monetary Authority, and the Hong Kong Securities and Futures Commission jointly announced their welcome to the China Foreign Exchange Trading Center and the Hong Kong Stock Exchange for jointly establishing a Hong Kong electronic fixed income and currency trading platform. This initiative aims to deepen cooperation between the mainland and Hong Kong financial markets and consolidate Hong Kong's position as an international financial center and offshore RMB business hub. The announcement stated that the platform will be based in Hong Kong, oriented towards the international market, and will adhere to international market standards and Hong Kong regulatory requirements. It will strive to create an open, fair, efficient, and stable fixed income and currency trading infrastructure, and will enhance trading efficiency and transparency, promote price discovery, reduce transaction costs, and explore technological innovation to empower financial services. The specific launch date of the platform will be announced in due course.
The China Securities Regulatory Commission (CSRC) and the Monetary Authority of Singapore (MAS) held the 10th China-Singapore Securities and Futures Regulatory Roundtable.
Odaily Odaily reports that the China Securities Regulatory Commission (CSRC) and the Monetary Authority of Singapore (MAS) successfully held the 10th China-Singapore Securities and Futures Regulatory Roundtable in Singapore. CSRC Vice Chairman Liu Haoling and MAS Deputy Governor Ho Heng Sin attended the meeting and delivered speeches. Both sides reviewed the practical achievements in capital market cooperation between the two countries in recent years, including strengthening China-Singapore index cooperation, deepening China-Singapore ETF connectivity, and enhancing securities regulatory cooperation. Both sides engaged in extensive and in-depth exchanges on the latest developments in their respective market reforms and development, capital market operations and regulatory enforcement in the context of cutting-edge technologies, and cross-border business development and regulation in the securities and futures industry. More than 40 people, including Lim Duanli, Assistant Governor of the Monetary Authority of Singapore (MAS), officials from the China Securities Regulatory Commission (CSRC) and the MAS, and representatives from both stock exchanges, participated in the meeting both in person and online. (Jinshi)