TechFlame reports that, according to Ming Pao, the Hong Kong Monetary Authority and the Securities and Futures Commission plan to consult on the licensing system for virtual asset trading and custodian service providers in June, and are expected to publish a consultation summary in the first half of next year. The Secretary for Treasury of Hong Kong, Mr Hui Ching-yu, said that the Securities Regulatory Commission will be the main regulator for virtual asset transactions and the HKMA will act as the front-line supervisor when the service involves banks. Furthermore, Xu Zhengyu mentioned that at present, it is only in the consultation and gathering of market opinions. Regardless of whether a “deemed licensed” arrangement is finally established for service providers, it will give market participants full expectations; if the final plan is implemented in accordance with the content of the new proposal, it will ensure that sufficient regulatory resources and other resources are “in place” to process license applications.