New licensing regime for Virtual Asset Service Providers in Hong Kong

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In view of the increasing popularity of virtual asset (“VA”) and VA-related activities to the retail sector in Hong Kong, a new licensing regime for Virtual Asset Service Providers (“VASP”)was introduced in June 2022. Under the new licensing regime, any person who seeks to carry on a business of providing “Virtual Asset Service” is required to apply for a licence from the Securities and Futures Commission. This new licensing regime will further increase the regulatory net for virtual asset-related activities in Hong Kong.

This publication outlines the key elements of the new VASP licensing regime and how our financial advisory service offerings can assist you in preparing for the new regime.