GUOYUAN SECURITIES(SZ:000728) Huan Qiu Wang·2025-08-18 01:05Group 1 - The Hong Kong Securities and Futures Commission (SFC) has issued a circular to all licensed virtual asset trading platforms, outlining requirements for the robust custody of client virtual assets [1] - The SFC has listed several good operational practices and minimum standards that virtual asset platform operators must meet, which will become core regulatory requirements for virtual asset custodians in the future [1] - Recent sentiment in the blockchain and virtual asset sectors in Hong Kong has cooled, correcting previous market misexpectations, but the industry trend remains positive [2][3] Group 2 - The SFC and the Hong Kong Monetary Authority (HKMA) plan to allow only intermediaries that meet minimum exemption criteria and are licensed or registered under the asset management category to provide asset management services for virtual assets [3] - The minimum exemption criteria require that the stated investment objective of the portfolio is to invest in virtual assets or that 10% or more of the total asset value of the portfolio is intended to be invested in virtual assets [3] - Despite recent adjustments, there remains an optimistic outlook for related virtual assets [4]