#加密市场观察 Hong Kong Securities and Futures Commission Chairman: Plans to introduce guidelines for digital asset treasury, exploring rules for listed companies' Bitcoin holdings. The Chairman of the Hong Kong Securities and Futures Commission recently stated that in order to further improve the regulatory framework in the field of digital assets, balance market innovation with risk prevention, the regulatory authority is planning to issue special guidelines for digital asset treasuries and initiate research on issues related to listed companies purchasing Bitcoin and other encryption assets. This move is an important measure for Hong Kong to implement its digital asset development strategy and consolidate its position as a global financial center. In terms of digital asset treasury guidelines, related work will closely connect with the regulatory direction established by Hong Kong's "Digital Asset Development Policy Declaration 2.0". As the core regulatory authority for digital asset trading and custody services, the Hong Kong Securities and Futures Commission intends to clarify compliance operational standards for digital asset treasuries through guidelines, covering key aspects such as asset custody, risk reserve fund allocation, and information disclosure, ensuring that treasury operations comply with the regulatory principle of "same business, same risk, same rules." The issuance of this guideline will provide a clear operational framework for market participants engaged in digital asset-related businesses, helping Hong Kong build a safe and robust digital asset ecosystem. Regarding the research on listed companies purchasing Bitcoin, regulators will focus on several core issues. On one hand, it is necessary to define the asset attributes of Bitcoin and other encryption assets, as well as the accounting treatment and value measurement standards for listed companies holding such assets. On the other hand, there will be an in-depth assessment of the impact of encryption asset price fluctuations on the financial stability of listed companies, as well as the potential risks that related investment behaviors pose to the rights and interests of small and medium investors, researching how to prevent market manipulation and interest transfer through institutional design. Previously, Hong Kong has progressively opened up the connection channels between encryption assets and traditional financial markets through measures such as approving Bitcoin Spot ETFs and implementing stablecoin licensing mechanisms. This research will further fill the regulatory gap regarding listed companies directly holding encryption assets. The Hong Kong Securities and Futures Commission emphasizes that the formulation of relevant guidelines and problem research is based on the core premise of "protecting investor rights and interests," while also considering market innovation needs. Currently, Hong Kong has 10 licensed virtual asset trading platforms, and multiple institutions have been approved to conduct virtual asset trading and asset management services, continuously solidifying the market foundation. In the future, regulators will combine market feedback and international experience to promote the implementation of relevant regulatory systems, continuously advancing Hong Kong's construction process as a global center for digital asset innovation.