Hong Kong's virtual asset industry faces an "invisible compliance storm," Securities and Futures Professionals Association calls for suspension of mandatory exams

According to Odaily, virtual asset and related business practitioners in Hong Kong have encountered sudden changes in compliance requirements. As disclosed by Chan Chi-wah, President of the Hong Kong Securities and Futures Professionals Association, applicants for virtual asset license upgrades and responsible officers (ROs) who have already obtained upgrade qualifications are now required to participate in a virtual asset regulatory exam organized by a single institution. The exam is bundled with the institution's course, course materials cannot be freely reviewed, and there is confusion in registration and technical support. Reportedly, this requirement was not issued through official documents or public guidelines, but rather communicated verbally or via individual emails, lacking transparency and fairness. This move increases compliance costs for practitioners, affects business development, and the absence of a public consultation mechanism means that policy formulation lacks frontline feedback. The Hong Kong Securities and Futures Professionals Association suggests maintaining the original additional 5-hour Continuing Professional Training (CPT) system, and urges regulatory authorities to immediately suspend the enforcement of the exam requirement through implicit policies. They also call for the establishment of an open and transparent consultation mechanism to incorporate stakeholder opinions into policy making, ensuring feasibility and market fairness.