Revamped SFC and HKMA guidance applies to intermediaries that distribute products or provide dealing, advisory, and asset management services related to virtual assets. By Simon Hawkins and Adrian Fong On 20 October 2023, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) issued a joint circular (Joint Circular) to provide updated … Continue Reading
The regulatory perimeter continues to expand as the Securities and Futures Commission introduces a comprehensive regime to regulate virtual asset service providers. By Simon Hawkins and Adrian Fong In December 2022, Hong Kong passed the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 (Amendment Bill), which will establish a new licensing regime and statutory framework … Continue Reading
This is the first decision by the Hong Kong Court on whether clients of a crypto exchange have proprietary claims to cryptocurrencies held on the platform. It confirms that cryptocurrency constitutes property under Hong Kong law. By Dominic Geiser, Simon Hawkins, Howard K. H. Lam, Adrian Hei-Yin Fong, Flora F. W. Innes, and Tsun Ming … Continue Reading
Hong Kong’s licensing regime for virtual asset service providers to take effect in March 2023. By Simon Hawkins, Adrian Fong, and Shirley Wong On 24 June 2022, the Hong Kong government gazetted the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 (Amendment Bill). The Amendment Bill proposes changes to the Anti-Money Laundering and Counter-Terrorist Financing … Continue Reading
The SFC issued a statement to clarify its regulatory approach in relation to non-fungible tokens and remind investors of related risks. By Simon Hawkins, Farhana Sharmeen, Adrian Fong, Gen Huong Tan and Shirley Wong On 6 June 2022, the Hong Kong Securities and Futures Commission (SFC) issued a statement drawing attention to the risks associated … Continue Reading
Hong Kong’s Securities and Futures Commission introduces new licensing regime to regulate previously unregulated markets and restates expectations regarding security token offerings. By Simon Hawkins, Kieran Donovan, and Kenneth Y.F. Hui The second day of Hong Kong Fintech Week again brought together regulators and market participants from across the fintech industry for a range of … Continue Reading
The HKMA introduces a new data sharing initiative, reported on the central bank digital currency initiative, and outlined regtech plans. By Simon Hawkins, Kieran Donovan, and Kenneth Y.F. Hui The fifth annual Hong Kong Fintech Week conference kicked off with speeches and panels from both Hong Kong and international regulatory representatives, in addition to key … Continue Reading
SFC outlines new regulatory framework for virtual asset trading platforms, HKMA highlights recent FinTech initiatives, and PBOC discusses China’s forthcoming central bank digital currency. By Simon Hawkins and Kenneth Y.F. Hui The fourth annual Hong Kong FinTech Week conference kicked off with a major announcement from Mr. Ashley Alder, Chief Executive Officer of the Securities … Continue Reading
If adopted efficiently, the PCPD’s Ethical Accountability Framework should help organizations to demonstrate and enhance trust with individuals. By Kieran Donovan In October, 2018, Hong Kong’s Privacy Commissioner for Personal Data (PCPD) presented the findings of an inquiry into the ethics of data processing, commissioned by the PCPD with the help of the Information Accountability … Continue Reading
The HKMA has issued three virtual banking licenses as part of its broader initiatives to develop the local banking industry. By Simon Hawkins and Kenneth Hui The Hong Kong Monetary Authority (HKMA) recently announced the issuance of the first virtual banking licenses to three entities. Virtual banks in Hong Kong are banks that primarily deliver … Continue Reading
The SFC’s guidance provides helpful clarity amidst growing interest in security token offerings. By Simon Hawkins and Kenneth Hui On 28 March 2019, the Hong Kong Securities and Futures Commission (SFC) issued a policy statement on security token offerings (STOs) summarizing the legal and regulatory requirements applicable to parties engaging in STOs. This guidance follows … Continue Reading
