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ARTICLE · 23 MARCH 2022

Updated Guidance For Intermediaries In Virtual Asset Activities In Hong Kong

Winston Taylor
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The virtual asset (also referred to as VA hereafter) landscape in Hong Kong has evolved rapidly in recent years, with a broader range of VA-related products available in the market.

Hong KongTechnology
David Cheng
David Cheng

The virtual asset (also referred to as VA hereafter) landscape in Hong Kong has evolved rapidly in recent years, with a broader range of VA-related products available in the market. For example, certain high-profile cryptocurrency exchange-traded funds (ETFs), such as a Bitcoin ETF from Canada and a Bitcoin futures ETF from the U.S., were for some time available to retail investors on certain trading platforms that operate in Hong Kong.

On January 28, 2022, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) published a  joint circular (the Circular) that supersedes a previous SFC circular in 2018 on the distribution of VA funds (the 2018 Circular). The Circular covers a range of VA-related activities, including the distribution of VA-related products, the provision of VA-dealing services, and the provision of VA-advisory services.   

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