Hong Kong Securities and Futures Commission launches tender for virtual asset trading monitoring system
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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 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.
Odaily Odaily reports that the Hong Kong Securities and Futures Commission released the "2025 Asset and Wealth Management Activities Survey," which shows: 1. Hong Kong’s total assets under management will rise 20% year-on-year to a record high of HK$42.2 trillion (US$5.4 trillion) by 2025. Part of the growth will be driven by net capital inflows, which will surge 193% year-on-year to HK$2.1 trillion (US$265 billion), marking the third consecutive year of increase. 2. Assets under management in asset management and fund advisory services increased by 19% year-on-year to RMB31 trillion (US$4 trillion). 3. Assets under management in private banking and private wealth management businesses surged 24% year-on-year to RMB12.9 trillion (US$1.7 trillion). 4. The net asset value of approved funds rose 38% to RMB 2.3 trillion (US$292 billion). 5. Net capital inflows into the asset management and fund advisory business segment surged 330% to RMB 1.38 trillion (US$177.3 billion). 6. The number of institutions licensed in Hong Kong to conduct asset management (Type 9 regulated activities) increased by 7% year-on-year to 2,358.
Hong Kong Securities and Futures Commission: Total assets under management in Hong Kong rose 20% year-on-year to a record high of HK$42.2 trillion.
According to Odaily Odaily, the Hong Kong Securities and Futures Commission (SFC) released its "2025 Asset and Wealth Management Activities Survey" today, showing that Hong Kong, as a leading global asset and wealth management hub, will perform exceptionally well in 2025, with total assets under management rising 20% year-on-year to a record high of HK$42.2 trillion (US$5.4 trillion). Record assets under management surpassed the 2021 high of HK$35.5 trillion (US$4.6 trillion), with some of the growth driven by net inflows, which surged 193% year-on-year to HK$2.1 trillion (US$265 billion), marking the third consecutive year of increase. Among the various sectors, assets under management in asset management and fund advisory services rose 19% year-on-year to HK$31 trillion (US$4 trillion), while assets under management in private banking and private wealth management surged even more dramatically, increasing by 24% year-on-year to HK$12.9 trillion (US$1.7 trillion). (Hong Kong Securities and Futures Commission)
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)
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.