SPM CRP-1: Update on Cryptoassets Classification Conditions

HONG KONG MONETARY AUTHORITY llf��m!k�ffl!� Banking Policy Department Our Ref: B9/196C 3 June 2026 The Chief Executive All Authorized Institutions Dear Sir/Madam, SPM CRP-1: update on cryptoassets classification conditions We are writing to provide you with an update on paragraph 2.6.4 of the Supervisory Policy Manual (SPM) module CRP-1 "Classification of Cryptoassets"1 . This paragraph forms part of a set of additional conditions that need to be met for a Group 1 classification of cryptoassets operating on a permissionless blockchain. It includes the following requirement: " ... for tokenised traditional assets operating on permissionless blockchains, the tokenised instrument must be approved by a financial market regulator ... ". We would herewith like to clarify that the quoted condition may also be considered satisfied where the business activities associated with tokenised traditional assets are supervised by a financial market regulator. This acknowledges that while certain tokenised traditional assets operating on permissionless blockchains may not require explicit prior approval from a financial market regulator, their tokenisation arrangements are subject to appropriate regulatory oversight. This update is effective immediately and will be reflected in the wording of the SPM CRP-1 in due course. If you have any questions on this circular, please contact Mr Horace Lee at 2878 1540 or Mr Lincoln Wong at 2878 1271. 1 https://brdr.hkma.gov.hk/eng/doc-ldg/docId/getPdf/20251125-15-EN/CRP-1.pdf 55th Floor, Two International Finance Centre, 8 Finance Street, Central, Hong Kong Website: www.hkma.gov.hk w itt q:, f� � �� f!JB iltt w!1 �� � �� q:, .C.'2 M 55 t� t � ±11:: www.hkma.gov.hk

2 Yours faithfully, Martin Sprenger Acting Executive Director (Banking Policy) cc: The Chairperson, The Hong Kong Association of Banks The Chairperson, The DTC Association FSTB (Attn. Mr Timothy Wong)