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Hong Kong

January 2025 Securities and Futures Commission

The Securities and Futures Commission (SFC) published a Circular 'Findings from inspections on deemed-to-be-licensed virtual asset trading platform applicants and expected standards of conduct for virtual asset trading platform operators'.

January 2025 Securities and Futures Commission

The Securities and Futures Commission (SFC) announced that all new virtual asset trading platform (VATP) applicants can now seek licences under its swift licensing process.

This new licensing approach requires VATP applicants to implement their policies, procedures, systems and controls before conducting an external assessment on these measures. The SFC will become a party to the engagement to supervise the overall external assessment process.

January 2025 Hong Kong Monetary Authority

The Hong Kong Monetary Authority (HKMA) issued a letter on 13 January 2025 to consult the banking industry on implementation of the prudential treatment of cryptoasset exposures held by authorized institutions.

December 2024 Securities and Futures Commission

The Securities and Futures Commission published 'Circular to virtual asset trading platforms on licensing process and revamped Second-phase Assessment'.

December 2024 Securities and Futures Commission

The Securities and Futures Commission published 'Circular to Licensed Corporations, SFC-licensed Virtual Asset Service Providers and Associated Entities - Anti-Money Laundering / Counter-Financing of Terrorism - Webinar Materials'.

September 2024 Hong Kong Monetary Authority

The Hong Kong Monetary Authority (HKMA) commenced Phase 2 of the e-HKD Pilot Programme (Phase 2) to delve deeper into innovative use cases for new forms of digital money, including e-HKD and tokenised deposits, that can potentially be used by individuals and corporates.

The HKMA said that as Project e-HKD expands its coverage from e-HKD only to a more comprehensive exploration of the digital money ecosystem, the project has been renamed as Project e-HKD+, "reflecting the evolving fintech landscape and the HKMA’s commitment to unlocking the full potential of digital money."

Under Phase 2, 11 groups of firms from various sectors have been selected to explore innovative use cases for e-HKD and tokenised deposits across three main themes: settlement of tokenised assets; programmability; and offline payments. The selected firms will also examine the commercial feasibility, within a real-world setting, of new forms of digital money that may potentially be accessible to individuals and corporates.

August 2024 Hong Kong Monetary Authority

On 28 August 2024, the Hong Kong Monetary Authority (HKMA) launched the Project Ensemble Sandbox and introduced themes of asset tokenisation use cases for the initial round of experimentation.

The Sandbox is designed to enable interbank settlement using experimental tokenised money, focusing on transactions involving tokenised assets.

The initial round will involve both traditional financial assets and real-world assets, covering four main themes: fixed income and investment funds, liquidity management, green and sustainable finance, and trade and supply chain finance. The HKMA will continue to engage with the industry to gauge interest in tokenisation, develop new themes and identify further use cases for tokenisation.

See also the Opening remarks by HKMA Chief Executive Eddie Yue given at the launch ceremony for Project Ensemble Sandbox.

July 2024 Financial Services and the Treasury Bureau (Hong Kong) / Hong Kong Monetary Authority

The Hong Kong Monetary Authority (HKMA) and the Financial Services and the Treasury Bureau (FSTB) jointly published the consultation conclusions on the legislative proposal to implement a regulatory regime for fiat-referenced stablecoin (FRS) issuers in Hong Kong.

The proposals related to:

  • Putting in place safeguards to address potential monetary and financial stability risks posed by fiat-referenced stablecoin (FRS).

  • Providing adequate protection to FRS users.

  • Maintaining a regulatory regime that aligns with international regulatory recommendations.

  • Fostering the development of the virtual asset ecosystem in Hong Kong.

The HKMA’s conclusions document suggests an intention to present a bill on FRS to the Legislative Council later this year.

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