Skip to content

New VASPs Licencing Regime for Hong Kong

01 June 2023
HK Flag

New VASPs Licencing Regime for Hong Kong

In Hong Kong, a new licensing regime for Virtual Asset Service Providers (VASPs) came into effect on 1st June 2023.

Following publication of the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, the licensing regime will be administered by the Securities and Futures Commission (SFC).

The introduction of the licensing regime means that:

  • The Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) has been amended, with Part 5B: The Regulation of Activities Involving Virtual Assets now in force;
  • Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Corporations and SFC-licensed Virtual Asset Service Providers) has been published;
  • Guidelines for Virtual Asset Trading Platform Operators has been published;
  • Guidance Note on Cooperation with the SFC has been published;
  • Prevention of Money Laundering and Terrorist Financing Guideline issued by the Securities and Futures Commission for Associated Entities of Licensed Corporations and SFC-licensed Virtual Asset Service Providers has been published; and
  • SFC Disciplinary Fining Guidelines (for regulated persons under Part 5B of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance) has been published.

Relevant firms should view the updated legislation and guidance and take any appropriate action.
Back to news and insights Read next article

Speak to us to request a demonstration

Plenitude’s Digital Assets Practice assembles a team that brings a deep knowledge of regulatory expectations, crypto business models and the associated risks, to help crypto firms navigate the regulatory landscape, the road to registration, and build and implement an effective risk management framework.
Find out more
Group 1-1