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Authors: Carl Fernandes, Kishore Bhindi, Chong Liew, I-Ping Soong

HKMA and SFC Update Joint Circular On Virtual Asset Activities

The HKMA and SFC have updated and reissued their Joint Circular on Virtual Asset Related Activities. One of the key changes is that the requirements in this circular will only apply to virtual assets which are not securities or futures contracts under the Securities and Futures Ordinance (there are several other carve-outs including CBDC). In addition to this, it also now allows virtual asset dealing and advisory services to be provided to retail clients. However many of the key requirements from the previous circular remain.