The Hong Kong VASP Virtual Asset Industry Association will be established in June and will decide whether to introduce a special law before the end o

The Hong Kong Virtual Asset Service Providers Association (VASP) will be established in June, and a "Financial Market Development and Innovation Department" will be added with the goal of strengthening the development of financial technology, promoting innovation experiments and business trials, and promoting sustainable finance and moderately loosening regulations. Compared with the previous plan of the "Virtual Asset Bureau," the long-awaited coin circle practitioners and investors who have been deeply affected by financial fraud still have high expectations. The Financial Supervisory Commission will announce the research report on the special law on virtual assets at the end of September at the earliest, and decide whether to launch the 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.