Cryptocurrencies and other virtual assets: Hong Kong's new approach
1 min read
The Hong Kong Securities and Futures Commission (SFC) issued two publications on 1 November 2018 setting out a new regulatory approach for virtual assets.
Their impending publication had been announced earlier that day by Ashley Alder, Chief Executive Officer of the SFC, during his keynote speech at Hong Kong FinTech Week 2018, where it was reiterated that the SFC supported fintech and innovation, but virtual assets (including cryptocurrencies) were regarded as different to other innovations due to their risk profile to investors. The SFC has therefore decided to adopt new measures within its existing regulatory remit to protect those who invest in virtual asset portfolios or funds.
The SFC’s new approach is described in further detail in our Client Briefing.
