Yesterday, the Securities and Futures Commission (SFC) published a statement (Statement), together with a press release, setting out its new regulatory framework for virtual assets (also known as cryptocurrencies, crypto-assets and digital tokens). Ashley Alder, the CEO of the SFC, made clear in his speech during the Hong Kong FinTech Week that the SFC’s aim in setting up this framework is “to step up as much as we are able to protect investors who trade virtual assets”, in particular from the unique risks associated with a rapidly expanding industry.
The Statement was published in parallel with a circular on the expectations around the distribution of virtual asset funds and a circular on the content of the Statement.
Our latest APAC fintech bulletin explores what this new regulatory framework looks like and its key components.
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