Regulatory policy on virtual asset-related activities in Hong Kong of the SFC and the HKMA
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Regulatory policy on VA-related activities in HK
In light of the rapid developments in the virtual asset (“VA”) landscape in Hong Kong, the Securities and Futures Commission (“SFC”) and the Hong Kong Monetary Authority (“HKMA”) jointly issued a circular in January 2022 on setting out their regulatory policy for VA-related activities conducted by intermediaries, covering distribution of VA-related products, provision of VA dealing services, and offering of VA advisory services.
At the same time, the HKMA also issued a circular reinforcing the investor protection measures, as well as highlighting the AML/CFT and financial crime risks for banks engaging in VA-related activities in Hong Kong.
This publication provides a high-level summary of the key regulatory focuses highlighted in both circulars, and how our consulting offerings can assist you in complying with these new requirements.
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