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 circular to update regulatory requirements for intermediaries distributing virtual asset-related products and providing virtual asset dealing services. It mandates that most virtual asset products be restricted to professional investors, requires a virtual asset-knowledge test for non-institutional clients, and compels intermediaries to partner exclusively with SFC-licensed virtual asset trading platforms. The document further outlines specific conduct standards, suitability obligations, and custody requirements to ensure adequate investor protection in the evolving virtual asset market.
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