At a glance: Securities and Futures Commission's new licencing approach for virtual asset fund distributors and portfolio managers

November 2018

On 1 November 2018, Mr. Ashley Alder, Chief Executive Officer of the Securities and Futures Commission of Hong Kong (SFC), introduced the new regulatory regime for virtual assets at the Hong Kong FinTech Week 2018.

On the same day, the SFC issued a statement which covers (i) the regulatory approach for virtual asset portfolio managers and fund distributors, and (ii) explored regulation of virtual asset trading platform operators. The SFC also issued a circular providing guidance on the expected standards and practices in relation to the distribution of virtual asset funds.

The new requirements are applicable with immediate effect (1 November 2018).

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