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The Financial Services Commission issued a number of FSC Rules under the Virtual Asset and Initial Token Offerings Services Act 2021, and have come into effect on 1 July 2022.
The FSC Rules that have come into effect are:
(i) Virtual Asset and Initial Token Offerings Services (Capital and Other Financial Requirements) Rules 2022;
(ii) Virtual Asset and Initial Token Offerings Services (Client Disclosure) Rulesm2022;
(iii) Virtual Asset and Initial Token Offerings Services (Custody of Client Assets) Rules 2022;
(iv) Virtual Asset and Initial Token Offerings Services (Cybersecurity) Rules 2022;
(v) Virtual Asset and Initial Token Offerings Services (Publication of Advertisements) Rules 2022;
(vi) Virtual Asset and Initial Token Offerings Services (Risk Management) Rules 2022; and
(vii) Virtual Asset and Initial Token Offerings Services (Statutory Returns) Rules 2022.