HK to introduce new crypto licensing regime
The government said it is preparing for a new licensing regime for virtual asset service providers and will look into letting retail investors trade cryptocurrencies.  In a policy statement released on Monday, the Financial Services and the Treasury Bureau set out a number of proposals to develop the SAR into a digital token hub. The proposals include letting retail investors "a suitable degree of access" to virtual assets, and allowing the trading of virtual-assets-tracking Exchange Traded Funds (ETFs). The Monetary Authority, meanwhile, is working on a regulatory framework for stablecoins – cryptocurrencies that are pegged to another currency, commodity or financial instrument.  Officials stressed that regulators will put in place "timely and necessary guardrails" in line with international standards to manage the risks associated with virtual assets.  The latest policy statement presented a more liberal approach to crypto assets by the government.  Just last year, officials decided to limit crypto trading to professional investors and require all virtual asset exchanges to be licensed.