Hong Kong Legco delays timetable of Hong Kong VASP regime and SFC Statement on crypto investing risks
Download PDF | Download Word The Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022, which introduces a new licensing regime for Hong Kong Virtual Asset Service Providers (HK VASPs), was passed by Hong Kong Legislative Council on 7 December...
Hong Kong Licensing Regime for Virtual Asset Exchanges to Take Effect on 1 March 2023 (July 2022)
Any person operating a VA exchange in Hong Kong will need to apply for a VASP licence or cease operations in Hong Kong. The Amendment Bill contains transitional provisions for operators of VA exchanges carrying on business in Hong Kong before 1 March 2023
HKMA Issues Proposals for Regulating Payment-related Stablecoins (January 2022)
The Hong Kong Monetary Authority (the HKMA) proposes to establish a regulatory framework for entities conducting activities in relation to payment-related stablecoins in Hong Kong, seeking public and industry feedback on its proposed regulatory approach.
SFC and HKMA Issue Joint Circular on Intermediaries’ VA-related Activities (January 2022)
The Securities and Futures Commission (the SFC) and the Hong Kong Monetary Authority (the HKMA) issued updated guidance for intermediaries distributing virtual asset-related products and/or offering virtual asset dealing or advisory services. The HKMA and the Hong Kong Insurance Authority have also published separate circulars on regulatory approaches in relation to virtual assets and virtual asset service providers.
SFC Issues Regulations for Licensed Crypto Exchanges
The SFC’s new regulations for licensed crypto exchanges focus on investor protection to ensure that clients of professional investors have sufficient knowledge of virtual asset investments.
HKEx Reports on Hong Kong ETF Market as a Door to Global Investment
The Stock Exchange of Hong Kong (HKEx) published a Research Report: Hong Kong’s ETF Market as a Door to Global Investment in September 2019 highlighting Hong Kong’s potential as Asia’s exchange traded funds (ETF) marketplace for the issue and trading of ETFs. With...
SFC Sets Standards for Virtual Asset Portfolio Managers and Fund Distributors
The SFC sets out regulatory requirements in a Statement on Regulatory Framework for Virtual Assets Portfolios Managers, Fund Distributors and Trading Platform Operators (the Regulatory Framework Statement).
SFC Opens Sandbox to Crypto Exchanges
The SFC’s “Statement on regulatory framework for virtual asset portfolio managers, fund distributors and trading platform operators” sets out its proposals for the potential regulation of crypto exchanges.
SFC’s regulatory action halts one Hong Kong ICO
On 19 March 2018, the Securities and Futures Commission (SFC) issued a press release stating that Black Cell Technology Limited (Black Cell) halted its initial coin offering (ICO) to the Hong Kong public as a result of regulatory action by the SFC. The SFC considered...
SFC Warns of Cryptocurrency Risks
The SFC sent letters to seven cryptocurrency exchanges in Hong Kong notifying them that they should not trade cryptocurrencies which are securities as defined under the SFO unless they are licensed by the SFC.
Regulation of Cryptocurrency and blockchain tokens and initial coin offerings (ICOs)
A key issue surrounding cryptocurrencies is whether they are regarded as securities and thus subject to an extensive regulatory regime. On 5 September 2017, Hong Kong’s SFC issued a statement on ICOs.
SFC Circular on Regulation of Bitcoin Futures and Cryptocurrency Investment Products and Related Risks
The Securities and Futures Commission (SFC) issued a Circular on 11 December 2017 stating that it regards Bitcoin futures contracts traded on U.S. futures and commodities exchanges (Bitcoin Futures) as “futures contracts” for the purposes of the Securities…