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Response to Further Consultation on Virtual Asset Advisory Service Providers and Virtual Asset Management Service Providers
Q1: Do you agree with the proposed definition and scope of VA advisory services? Response: Yes, in principle, we agree with aligning the definition with the existing Type 4 regulated activity under the SFO. This consistency aids market understanding. However, SFC may provide specific guidance distinguishing between “VA Advisory” and “Market Commentary.” As noted in the analysis of the landscape, the crypto ecosystem is heavily driven by KOLs and social media influencers. There is a risk that licensed professionals will be subject to strict compliance costs, while unlicensed influencers providing “trading ... (full story)