The Hong Kong VASP Virtual Asset Association will be established in June and will decide whether to introduce a special law by the end of this year

The Hong Kong VASP Virtual Asset Association will be established in June, and a "financial marekt development and innovation office" will be added. The goal is to strengthen the development of financial technology, promote innovative experiments and business trials, and promote sustainable finance and moderately relax regulations. Compared with the original plan of the "Virtual Asset Bureau", the long-awaited cryptocurrency industry players and investors who have been victims of financial fraud still have high expectations.
The FSC will release a research report on the virtual asset law as soon as the end of September, and decide whether to launch a special law before the end of this year; if a special law is to be launched, it is expected that the special law framework will be released in the first half of 2025.