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In this webinar, Julia Charlton provides a comprehensive review of the changes to Hong Kong's virtual asset regulatory regime over the past year, covering new and proposed licensing regimes, reforms affecting virtual asset trading platforms, the stablecoin regulatory framework, recent enforcement activity and anticipated policy developments.
The presentation addresses, among other matters:
- The FSTB and SFC proposals for four standalone VASP licensing regimes under the AMLO, and the planned introduction of a single bill to the Legislative Council in 2026
- The scope of VA dealing, advisory, management and custody services, including the focus on control of private keys for custodians
- Proposed minimum paid-up share capital of HKD 5 million for VA dealers and HKD 10 million for VA custodians
- SFC reforms permitting shared order books, staking, affiliated market making and VA margin financing
- Licensing scope and ongoing obligations under the Stablecoins Ordinance, together with offering restrictions and recent regulatory relaxations
- Lessons from the SFC's HKD 4 million fine against Saxo Capital Markets HK Limited for distributing complex VA products to retail clients
- Hong Kong's implementation of CARF and the amended Common Reporting Standards, with automatic exchange of crypto-asset tax information expected from 2028