The Regime requires VASPs to be licensed with the SFC. A VASP is a person who, as a business, provides a "VA service". "VA service" generally means the operation of a VA exchange through electronic facilities. VA is defined in the Amendment Bill to mean a cryptographically secured digital representation of value that is:
- Expressed as a unit of account or a store of economic value which (i) is either used (or intended to be used) as a medium of exchange accepted by the public for the payment of goods, services, discharge of a debt, or investment, or provides rights, eligibility or access to vote on the management, administration or governance of the affairs in connection with, or to vote on any change of the terms of any arrangement applicable to, any cryptographically secured digital representation of value, (ii) can be transferred, stored or traded electronically, and (iii) satisfies other characteristics prescribed by the SFC.
- Other assets that are prescribed to be a VA by the Secretary for Financial Services and the Treasury.
Licensing requirements
Commencement and transitional period
What's next