According to online reports, according to Ming Pao, the Hong Kong Monetary Authority and the Securities and Futures Commission plan to conduct consultations on the licensing system for virtual asset trading and custody service providers in June, and are expected to publish a consultation summary in the first half of next year. Hui Zhengyu, Secretary of the Treasury of Hong Kong, said that the Securities and Futures Commission will be the main regulator of virtual asset transaction custody services, and when the services involve banks, the HKMA will be the front-line regulator. In addition, Xu Zhengyu mentioned that at present, it is only the stage of consultation and collection of market opinions. Regardless of whether a "deemed licensed" arrangement will eventually be established for service providers, market participants will be given full expectations; if the final plan is implemented in accordance with the new recommendations, it will ensure that sufficient regulatory resources and other resources are "in place" to process license applications.