DLT Framework applies to firms that carry on DLT activities i.e. activities that are not subject to regulation under any other regulatory framework that use DLT for the transmission or storage of value belonging to others

The use of cryptocurrency as an intermediary currency in money remittance may also involve providing a payment service regulated under the Payment Service Regulations.

Bank Secrecy Act (BSA) applies to “financial institutions”, money service businesses and broker-dealers and mutual funds obliged to register with the SEC.

OCT 2020 PayPal announces the roll out of crypto features for US users and the approval of its conditional Bitlicense 2021 onwards PayPal users will be able to pay for goods in crypto in transactions with 26m sellers around the world

The SFC will determine the regulatory status of ICO tokens on a case-by-case basis depending on whether they carry rights equivalent to traditional securities.

HK crypto regulation, regulates entities conducting activities in cryptocurrencies where the relevant cryptocurrencies are “securities” or “futures contracts” as defined in the SFO.

Application of FATF recommendations to stablecoins, happens where central governance bodies exist within the stablecoin ecosystem, they will generally be obliged entities under the FATF Recommendations.

How smart is Hong Kong? The following outlines the Smart City Blueprint, summarising the initiatives in six key areas and considers what needs to be done to stay competitive.

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