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In May 2021, following a 3 month consultation, the Financial Services and the Treasury Bureau (FSTB) issued its consultation conclusions for a new licensing regime for virtual assets services providers (VASPs) in Hong Kong. Recently, further steps were taken to make the new licensing regime for VASPs a reality with


The Hong Kong Monetary Authority (HKMA) issued a discussion paper on 12 January 2022 in which it sets out its views on how to expand Hong Kong’s regulatory framework for crypto-assets.  The discussion paper joins a number of papers that regulators across the world have issued on the subject of crypto-assets and

The widely anticipated Cross-boundary Wealth Management Connect Pilot Scheme (Wealth Management Connect), expected to create a combined funds flow of RMB 300 billion (US$46.5 billion) in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), has formally launched on 10 September 2021.

Wealth Management Connect, which will come into operation in October 2021,

Uncertificated securities market regime

On 11 June 2021, the Hong Kong Government gazetted the Securities and Futures and Companies Legislation (Amendment) Ordinance 2021 (SFCA Ordinance), marking a significant milestone in moving Hong Kong towards an uncertificated securities market (USM) where investors will have the option of holding securities in their own

The Insurance Authority (IA) has taken its first disciplinary actions against two licensed insurance broker companies for failure to submit their audited financial statements and auditor’s reports within required timeframes.  One of the broker companies has had its licence suspended, and both companies have been fined.  The enforcement actions are the first of

Following a 3-month consultation on the proposal to introduce a licensing regime for virtual assets services providers (VASPs) in Hong Kong under the amended Anti-Money Laundering and Counter-Terrorist Financing Ordinance (the AMLO) (see our previous blog here), the Financial Services and the Treasury Bureau (FSTB) has now issued its

The Securities and Futures Commission (SFC) has launched a three-month consultation on proposals to amend its anti-money laundering and counter-financing of terrorism (AML/CFT) guidelines for licensed corporations (LCs) and associated entities (AEs).[1] The proposed amendments aim to align the AML/CTF guidelines with the Guidance for a

On 4 September 2020, the Insurance Authority (IA) launched a six-week consultation on the proposed Insurance (Special Purpose Business) Rules (SPB Rules). The consultation ties in with the introduction of the new regulatory regime for the issuance of insurance-linked securities (ILS) which is expected to come into operation in

The Securities and Futures Commission (SFC) has published FAQs to provide additional guidance on the licensing obligations of single family offices and multi-family offices under the Securities and Futures Ordinance (SFO). The FAQs follow the SFC’s circular issued on 7 January 2020 relating to the licensing obligations of family offices which