Newsletters
SFC Warns Unlicensed Crypto Exchanges re. Improper Conduct
There are a number of existing virtual asset trading platforms (VATPs) operating in Hong Kong. How do existing VATPs comply with Hong Kong’s 2023 AMLO licensing regime? In this newsletter we set out the transitional arrangements that have been put in place to help existing VATPs transition to the new regime, including the deeming arrangement that provides an opportunity for exchanges to become licensed from 31 May 2024. Read on to find out more.
HKMA Urges Banks to Provide Banking Services to Virtual Asset Service Providers
The Hong Kong Monetary Authority (HKMA) released the Access to Banking Services for Corporate Customers circular to facilitate virtual asset service providers (VASPs) to access banking services in the Hong Kong. This came ahead of the implementation of the Hong Kong Securities and Futures Commission (SFC) licensing regime for VASPs on 1 June 2023. By paving the way for licensing applicants to meet the SFC’s requirement for bank account details before approving their licensing applications, the circular seeks to connect VASPs and banks in a transparent and secure manner. Follow this link to read an analysis in which we will take a closer look at the HKMA’s circular and its implications for VASPs in Hong Kong.
Hong Kong Monetary Authority commences e-HKD Pilot Programme
The HKMA has announced the commencement of its e-HKD Pilot Programme involving 16 firms across the financial, payment and technology sectors to examine different use cases and design issues.
SFC Circular on Implementing New Licensing Regime for Virtual Asset Trading Platform Operators
The SFC has issued a Circular on the implementation of its new AMLO licensing regime for centralised virtual asset trading platform operators which took effect on 1 June 2023
Hong Kong SFC Finalises Regulation of Virtual Asset Trading Platforms
The SFC has finalised the detailed regulatory requirements for SFC-licensed virtual asset trading platforms with the publication of its consultation conclusions on 23 May 2023
Hong Kong Legco delays timetable of Hong Kong VASP regime and SFC Statement on crypto investing risks
In December 2022 the HK Legco delays the Implementation Timetable of the Hong Kong VASP Regime under the HK AML/CTF Bill 2022 and the SFC issues a statement on VA Arrangements in Hong Kong.
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).
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