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KWM TOPICS >


DIGITAL ASSETS IN HONG KONG

ARTWORK by Lin Zihao



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KWM’s bilingual financial regulatory, financial markets, structured products,
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experience advising financial institutions, fund houses and fintech companies on
a broad range of transactions, licensing and regulatory matters relating to
digital assets, tokenisation and web3.

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Our Digital Assets Insights

Insight


TOKENISED PRODUCTS: HKMA ISSUES GUIDANCE TO AUTHORIZED INSTITUTIONS

Recently, the Hong Kong* Monetary Authority (HKMA) issued an important circular
setting out the supervisory standards expected of authorized institutions (AIs)
in relation to their tokenised product-related activities. The HKMA circular
applies to tokenised products that are not regulated under the Securities and
Futures Ordinance (Cap. 571) (SFO). Examples of non-SFO-regulated tokenised
products include currency-linked and/or interest rate-linked tokenised
structured deposits/investment products issued by AIs. According to the HKMA,
AIs should also comply with the standards set out in the HKMA circular in
respect of their tokenised deposits.  

06 March 2024

Insight


HKMA ISSUES DIGITAL ASSET CUSTODY RULES FOR BANKS

This alert provides a summary of the Circular. Please also refer to the
regulatory chart in our 16 February 2024 alert that shows where this fits into
Hong Kong’s overall framework for digital assets. The Circular is also issued
against the backdrop of international efforts in this area, including, the
International Organisation of Securities Commissions’ (IOSCO) Policy
Recommendations for Crypto and Digital Asset Markets (November 2023) and the
emergence of digital asset and blockchain-specific technical standards from the
likes of the International Standards Organization (ISO).

22 February 2024

Insight


HONG KONG PROPOSES TO REGULATE OTC VIRTUAL ASSET BROKERAGE SERVICES: 10 KEY
THINGS YOU SHOULD KNOW

Hong Kong has one of the most comprehensive regimes for virtual asset (VA)
exchanges (VATPs) in the world, regulated by one of the most rigorous
authorities in Hong Kong, the Securities and Futures Commission (SFC). Entities
already regulated by the SFC or Hong Kong Monetary Authority (HKMA) are also
subject to rigorous standards. Hong Kong is now proposing to plug a gap for
over-the-counter (OTC) spot brokerage of certain unregulated VAs, this time via
the Customs & Excise Department (Customs & Excise), to help address an
unfortunate raft of scams and ensure a robust overall framework. Specifically,
the Financial Services and the Treasury Bureau (FSTB) has issued a consultation
paper on a legislative proposal to regulate OTC spot trading of certain VAs (VA
OTC services) under the existing Anti-Money Laundering and Counter-Terrorist
Financing Ordinance (AMLO) (Consultation Paper). This article provides a primer
on the proposals and where the Consultation Paper fits into the overall VA
framework in Hong Kong, plus some key takeaways.

16 February 2024

Insight


BASEL CRYPTOASSET CAPITAL STANDARDS: HKMA CONSULTS ON HONG KONG IMPLEMENTATION

A few days ago, the Hong Kong Monetary Authority (“HKMA”) published a
much-anticipated consultation paper on implementing the Basel Committee’s
standards for the regulatory capital and prudential treatment of banks’
cryptoasset exposures (“Basel Cryptoasset Standards”) in Hong Kong.* This
article (which includes a flowchart) provides a detailed overview of the HKMA
consultation paper and the Basel Cryptoasset Standards that the consultation
paper seeks to implement.

15 February 2024

Insight


STABLECOINS: HONG KONG PROPOSES REGULATORY REGIME FOR ISSUANCE AND OFFERS

This article provides a high-level overview of Hong Kong’s stablecoin proposal,
with our preliminary observations based on our work with stablecoin issuers,
virtual asset platforms and industry groups over many years. We would be
delighted to discuss these further with you.

05 January 2024

Insight


TOKENISED SECURITIES: HONG KONG SFC ISSUES IMPORTANT GUIDANCE FOR INTERMEDIARIES

During Fintech Week, the Hong Kong Securities and Futures Commission (“SFC”)
issued two highly anticipated circulars to its regulated intermediaries on the
tokenisation of securities and other investment products. This article, which
includes a two-minute quick read section and diagrams, takes a deep dive into
the first SFC circular, which provides important regulatory guidance to
intermediaries that engage in activities relating to tokenised securities
(“Intermediaries Circular”). This article is the second in a new KWM series on
tokenisation across Asia.

13 November 2023

Insight


TOKENISATION OF SECURITIES AND OTHER INVESTMENT PRODUCTS – WHAT, WHY AND KEY
CONSIDERATIONS IN HONG KONG AND CHINA MAINLAND

Tokenisation is one of the hottest topics in finance circles these days. This
article introduces you to what tokenisation is, why it is important and explores
some key legal and regulatory considerations, with a focus on Hong Kong and
China Mainland. Last week, the Securities and Futures Commission of Hong Kong
(“SFC”) published two highly anticipated circulars on tokenisation of
SFC-authorised investment products and intermediaries engaging in tokenised
securities-related activities. We will analyse these SFC circulars in future
articles.

06 November 2023

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 * Mainland-Hong Kong reciprocal enforcement arrangement for civil & commercial
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 * Sleeping Carbon Giant Awakes: China’s Renewed Voluntary Carbon Market is Here
   – What You Need to Know
   
   
   
   
   

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INSIGHTS
LATEST THINKING
 * Carbon Markets Regulatory Tracker
 * Tokenised products: HKMA issues guidance to authorized institutions
 * Are keepwell deeds keeping well?
 * HKMA issues digital asset custody rules for banks
 * Hong Kong proposes to regulate OTC virtual asset brokerage services: 10 key
   things you should know
 * Basel cryptoasset capital standards: HKMA consults on Hong Kong
   implementation
   Explore all insights

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PUBLICATIONS
 * Navigating The Net Zero Transition: Spotlight on Southeast Asia, Japan and
   the Republic of Korea
 * Belt and Road Practical Guide: How to Get Your Money Back? Asset Preservation
   in Hong Kong
 * Belt and Road Practical Guide: Outbound Investment - Managing Risks and
   Exiting With Grace
   View all publications

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 * ESG: Enabling Sustainable Growth
 * Transitioning to Future Energy
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