PANews January 20 News, the Hong Kong Securities and Futures Professionals Association (HKSFPA) publicly opposes the regulator’s proposal to remove the “exemption threshold” for virtual asset investment by Type 9 licensed asset management firms. The association points out that this measure would force funds that allocate even just 1% 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 cryptocurrencies. Additionally, the association criticizes the proposed requirement that assets be held only through licensed custodians, which could restrict the operation of Web3 venture capital funds, and calls for the introduction of flexible arrangements for self-custody and offshore custody.
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