Hong Kong Legislative Council Member: Proposed to formulate a new Virtual Asset Custody Ordinance and establish a regulatory working group

During the recent meeting of the Web3 and Virtual Asset Development Subcommittee of the Hong Kong Legislative Council, Legislative Council Member Yan Gang proposed to clarify the fiduciary responsibilities of trust companies in crypto asset custody at the legislative level, including amending the Trustee Ordinance or formulating a new Virtual Asset Custody Ordinance to stipulate the asset segregation, investment scope restrictions and regular audit requirements of virtual asset custody business to clarify the fiduciary responsibilities of trust companies in crypto asset custody. He also proposed the establishment of an inter-departmental regulatory working group, with the Securities Supervision Commission and the HKMA jointly supervising the compliance of trust companies in the field of crypto assets.