Hong Kong industry insiders oppose stricter regulations on asset management virtual asset licenses, arguing that it could hinder traditional institutions from entering the market.
PANews reported on January 20 that the Hong Kong Securities and Futures Professionals Association (HKSFPA) publicly opposed the regulator's proposal to remove the "exemption threshold" for virtual asset investment by Type 9 asset management firms. The association pointed out that this measure would force even funds allocating only 1% of their assets to Bitcoin to apply for a full virtual asset management license, resulting in disproportionate compliance costs and potentially discouraging traditional asset management firms from exploring crypto assets. Furthermore, the association criticized the proposed requirement to hold assets solely through licensed custodians, which could restrict the operation of Web3 venture capital funds, and called for the introduction of flexible arrangements between self-custody and offshore custody.
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Lawmakers in the US House of Representatives and Senate met with cryptocurrency industry leaders in three separate roundtable events this week. Members of the US Congress met with key figures in the cryptocurrency industry to discuss issues and potential laws related to the establishment of a strategic Bitcoin reserve and a market structure.On Tuesday, a group of lawmakers that included Alaska Representative Nick Begich and Ohio Senator Bernie Moreno met with Strategy co-founder Michael Saylor and others in a roundtable event regarding the BITCOIN Act, a bill to establish a strategic Bitcoin (BTC) reserve. The discussion was hosted by the advocacy organization Digital Chamber and its affiliates, the Digital Power Network and Bitcoin Treasury Council.“Legislators and the executives at yesterday’s roundtable agree, there is a need [for] a Strategic Bitcoin Reserve law to ensure its longevity for America’s financial future,” Hailey Miller, director of government affairs and public policy at Digital Power Network, told Cointelegraph. “Most attendees are looking for next steps, which may mean including the SBR within the broader policy frameworks already advancing.“Read more
