HONG KONG ASSET-MANAGER LOBBY PUSHES BACK ON CRYPTO LICENSING

Summary from the TLDR Crypto newsletter

The Hong Kong Securities and Futures Professionals Association warned regulators that proposed virtual-asset management rules, notably removing the “de minimis” exemption that lets Type 9 managers hold small crypto allocations without a separate license, would force even tiny crypto exposures (eg. 1%) to trigger a full virtual-asset license, imposing heavy compliance costs and deterring traditional managers from experimenting with the asset class.