According to The Block, the Hong Kong Securities and Futures Professional Association (HKSFPA) opposed the proposed new regulations for virtual asset management when submitting opinions to the regulatory authorities, stating that if the current Type 9 (Asset Management) license's '10% exemption for cryptocurrency allocation' is removed, even a 1% allocation of Bitcoin would require applying for a full virtual asset management license, and the compliance costs would not match the risk exposure, which may discourage traditional asset management institutions from attempting cryptocurrency assets.