Hong Kong's Financial Services and Treasury Bureau, alongside the Securities and Futures Commission (SFC), has published a consultation summary on licensing for virtual asset trading and custody services. This initiative is part of a broader effort to regulate the crypto sector, focusing on asset classification and market liquidity. Additionally, a one-month public consultation has been launched to gather input on licensing for virtual asset advisory and management services. The proposed regulations outline specific requirements for service providers and establish compliance frameworks to ensure market integrity.