According to online reports, the Hong Kong Legislative Council's Subcommittee on Web3 and Virtual Asset Development held a recent meeting. During this meeting, Legislative Council Member Yan Gang suggested clarifying the fiduciary responsibilities of trust companies in the custody of encrypted assets from the legislative level, including amending the Trustee Ordinance or enacting a new "Virtual Asset Custody Ordinance", which stipulates asset isolation, investment scope restrictions and regular audit requirements for virtual asset custody business to clarify the fiduciary responsibilities of trust companies in the custody of encrypted assets. He also suggested setting up a cross-departmental regulatory working group, where the China Securities Regulatory Commission and the Monetary Authority will jointly supervise the compliance of trust companies in the field of encrypted assets.