- The SFC
Hong Kong Fintech Week 2023 – Round-up of policy and regulatory developments
Updated SFC and HKMA guidance for intermediaries and banks on virtual asset-related activities
Background
On 20 October 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. This Joint Circular supersedes the previous joint circular of 28 January 2022.
When the SFC formulated
The Singapore High Court rules that Crypto Assets are “things in action” capable of being held on trust: ByBit Fintech Ltd v Ho Kai Xin and others [2023] SGHC 199
The Singapore Courts have issued yet another landmark decision on the nature of crypto assets. In ByBit Fintech Ltd v Ho Kai Xin and others [2023] SGHC 199, the High Court was presented with the issue of whether crypto assets are property capable of being held on trust, and if so, what type of property
SFC releases VASP regime consultation conclusions
On 23 May 2023, the Securities and Futures Commission (the SFC) published its much anticipated consultation conclusions (the Consultation Conclusions) on the proposed regulatory requirements for virtual asset (VA) trading platform operators (Platform Operators). The new licensing regime for Platform Operators under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance
Singapore toughens laws to combat financial crime and money laundering
On 9 May 2023, the Singapore Parliament passed amendments to the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 (CDSA) which will introduce significant new offences of rash and negligent money laundering.
Under the current law, the successful prosecution of money mules (i.e., those who assist with the transfer of
Financial Services and Markets Act 2022 – 1st phase commencement
The Financial Services and Markets Act (FSMA) was passed in Parliament on 5 April 2022. The FSMA is expected to be implemented in phases, with the first phase having commenced on 28 April 2023.
The FSMA is the Monetary Authority of Singapore’s (MAS) omnibus act for the sector-wide regulation of financial
Hong Kong High Court rules for the first time: cryptocurrencies are “property” capable of being held on trust
Introduction
In a landmark decision on the legal status of digital assets in Hong Kong handed down on 31 March 2023, the Court of First Instance, in Re Gatecoin Limited[1], has ruled that cryptocurrencies satisfy the definition of “property” under Hong Kong law and are capable of being held on trust.
The case arose
Proposed amendments to implement a risk-based capital regime for the Hong Kong insurance industry
The Insurance Ordinance (Amendment) Bill (the Bill) was published by the Hong Kong Government (Government) in the Gazette on 6 April 2023. The Bill seeks to amend the Insurance Ordinance (Cap.41) (the IO) and other relevant legislation to provide the legal framework for the implementation of a risk-based capital (RBC
FSTB consults on expanding crowdfunding regulations in Hong Kong
Introduction
On 19 December 2022, the Financial Services and the Treasury Bureau (the FSTB) published a consultation paper (the Consultation) on proposals to enhance the regulation of crowdfunding activities in Hong Kong.
The Consultation includes various recommendations on enhancing the transparency and accountability of crowdfunding activities in Hong Kong, and includes a requirement
HKMA issues consultation conclusions on the stablecoin regulatory regime
Introduction
On 31 January 2023, the Hong Kong Monetary Authority (the HKMA) issued its consultation conclusions on the proposed regulatory regime for crypto-assets and stablecoins (the Conclusions). The Conclusions confirm the HKMA’s plan to implement a regulatory regime for stablecoins and specified stablecoin-related activities (the Regime). The Conclusions follow the HKMA’s