Techub News reports that the Hong Kong Securities and Futures Professionals Association opposes the proposed definition and scope of "Virtual Asset Management Services," emphasizing disagreement with the removal of the minimum threshold arrangement. The current threshold of "10% of total assets" applicable to Category 9 managers, if abolished, could lead to traditional fund managers needing to apply for a full virtual asset management license even if they allocate only 1% of their assets to Bitcoin, creating an disproportionate "all or nothing" compliance burden. The association believes that this move will hinder traditional asset management institutions from exploring this asset class and contradicts the policy direction of promoting Web3 integration into traditional finance.