Regulatory Alerts2023-12-22
Added · Updated
Joint Circular on Intermediaries’ Virtual Asset-Related Activities
The Securities and Futures Commission and the Hong Kong Monetary Authority issued this joint circular to establish licensing conditions and terms for intermediaries providing virtual asset dealing and advisory services. The document mandates that services be conducted through SFC-licensed platforms, imposes strict financial soundness requirements such as maintaining excess liquid capital, and outlines comprehensive operational, custody, and anti-money laundering standards. It further details due diligence obligations for non-SFC authorized funds, criteria for assessing client knowledge, and mandatory risk disclosure statements for investors.
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