President of the Hong Kong Securities and Futures Federation: The SAR government should establish a virtual asset regulatory committee to negotiate and cooperate with relevant mainland authorities

Chan Chi-wah, chairperson of the Hong Kong Securities and Futures Federation, wrote an article "Challenges and Prospects of Virtual Asset Platform Licensing in Hong Kong", pointing out that mainland laws strictly prohibit foreign institutions from providing virtual currency transactions and services to the mainland. If the Hong Kong Securities Supervision Commission requires that the virtual asset platform applying for a license cannot violate the laws of the mainland, the actual controller or parent company cannot violate the laws of the mainland, which is equivalent to requiring the entity in Hong Kong to be completely cut off from the parent company. In order to solve the problem of multi-level supervision, the SAR government should consider establishing a unified virtual asset supervision committee, which is responsible for coordinating the supervision work of different institutions, ensuring the consistency and effectiveness of regulatory standards, so as to maintain its competitiveness in the global virtual asset market. The following four directions are
1. Improve the regulatory system.
2. The SAR government must negotiate with relevant mainland authorities to seek cooperation and coordination in the supervision of virtual assets.
3. Strengthen cross-departmental collaboration.
4. Simplify and accelerate the licensing process, establish a clear approval schedule, and provide applicants with transparent expectations.