Hong Kong's Financial Services and the Securities and Futures Commission have announced new licensing guidelines for virtual asset services under the Anti-Money Laundering Ordinance. The new framework will cover "virtual asset trading" and "virtual asset custody," with plans to introduce licenses for "providing advice on virtual assets" and "virtual asset management." Public consultations are underway, and the full implementation is expected by 2026. The new regulations aim to separately license key services, allowing them to operate independently. This move follows the issuance of two key circulars by the Securities and Futures Commission, which address the expansion of virtual asset trading platform products and services. The circulars introduce measures such as adjustments to token inclusion rules and clarify the responsibilities of platforms in distributing tokenized securities and digital asset-related products. These changes reflect a shift towards a more structured regulatory environment, emphasizing the need for platforms to assume greater responsibility in their operations. The new guidelines are designed to ensure that virtual asset services are compliant and transparent, moving away from ambiguous regulatory practices.