Regulatory Alerts2025-09-30
Added · Updated
Supplemental Joint Circular on Intermediaries’ Virtual Asset-Related Activities
The Securities and Futures Commission and the Hong Kong Monetary Authority issued this supplemental joint circular to establish licensing conditions and terms for intermediaries providing virtual asset dealing and advisory services. The document mandates that licensed corporations and registered institutions operate virtual asset dealing services exclusively through omnibus accounts at SFC-licensed platforms while strictly prohibiting the holding of client assets or provision of financial accommodation. It further imposes rigorous operational requirements including maintaining excess liquid capital, conducting client suitability and risk assessments, and adhering to strict rules on custody, staking, and market conduct.
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