Last week, two major stablecoin announcements were made to support Hong Kong’s efforts in facilitating the responsible development of its virtual asset ecosystem.[1] On 17 July 2024, the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) jointly published consultation conclusions on the proposed regulatory
Background
February was an important month in Hong Kong’s journey towards regulating the digital asset ecosystem and positioning itself as a leading innovation hub.
On 20 February 2024, the Hong Kong Monetary Authority (HKMA) published comprehensive guidance on the provision of digital asset custody services (Custodial Services Circular) and the sale
In our 2024 FinTech Outlook, our lawyers from across Europe, the Middle East, Asia and the US share their insights on what to expect across the regulatory landscape in relation to FinTech and cryptoassets in 2024.
On 8 February 2023, the Financial Services and the Treasury Bureau (FSTB) launched a consultation on legislative proposals to introduce a licensing regime to regulate providers of over the counter (OTC) trading services for virtual assets (VAs) (the Consultation). The proposed licensing regime will be introduced by amending
Background
On 22 December 2023, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) issued an updated joint circular on intermediaries’ virtual asset-related activities (Joint Circular) with appendices. The Joint Circular supersedes the previous joint circular of 20 October 2023 (October Joint
On 27 December 2023, the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) jointly issued a public consultation paper on their legislative proposal to regulate issuers of stablecoin.
The Hong Kong Government has decided that, in light of the important roles played by stablecoins in
On 14 December 2023, the Basel Committee on Banking Supervision (Basel Committee) issued a consultative document setting out proposed amendments to its standard on banks’ exposures to cryptoassets.
In December 2022, the Basel Committee published its standard on the prudential treatment of banks’ exposures to cryptoassets. The standard is set out in a
On 28 November 2023, the Financial Stability Board (FSB) published a report on the financial stability implications of multifunction crypto-asset intermediaries (MCIs).
The report defines MCIs as individual firms, or groups of affiliated firms, that combine a broad range of crypto-asset services, products and functions typically centred around the operation of
Key takeaways from Hong Kong Fintech Week
Hong Kong Fintech Week 2023 saw several new policy and regulatory announcements by the Financial Services and the Treasury Bureau (the FSTB), the Securities and Futures Commission (the SFC) and the Hong Kong Monetary Authority (the HKMA). The key developments are summarised below:
Key takeaways from Hong Kong Fintech Week
Hong Kong Fintech Week 2023 saw several new policy and regulatory announcements by the Financial Services and the Treasury Bureau (the FSTB), the Securities and Futures Commission (the SFC) and the Hong Kong Monetary Authority (the HKMA). The key developments are summarised below: