The Hong Kong Securities and Futures Professional Association has published a letter to the Hong Kong Treasury Department on its official website, suggesting the establishment of an independent self-regulatory organization for the securities industry, futures industry, asset management industry, and virtual asset industry. It pointed out that "in the case of Hong Kong, the Association suggests that the Securities and Futures Commission should still retain the power to regulate market behavior (such as prohibiting insider trading, fraud, and market manipulation), but the power to issue licenses should be split and given solely to a self-regulatory organization composed of the securities industry, futures industry, asset management industry, and virtual asset industry (and broadly defined as licensed intermediaries engaged in regulated activities defined by the Hong Kong Securities and Futures Commission).