Charltons Hong Kong Crypto Regulation Webinars Series 2022 | Webinar 2 | 5 October 2022

The webinar considers the progress made in implementing FATF’s revised recommendations (including Hong Kong’s progress). It then focuses on Hong Kong regulation of cryptocurrencies, looking firstly at the scope of the SFC’s regulatory remit and then at the SFC’s requirements for managers and distributors of crypto funds and at the latest HKMA/SFC requirements for intermediaries conducting virtual asset-related activities.

#cryptoregulation #fatfrecommendation #cryptohongkong

00:00 Julia Charlton's welcome speech
01:06 Jurisdictions' progress in implementing the Revised FATF Recommendations (Mar 2022)
02:56 Hong Kong crypto regulation
04:26 Regulating around the edges
06:15 New licensing regime for virtual asset service providers (VASPS)
08:59 New licensing regime for virtual asset service providers
09:38 SFC/HKMA Joint Circular on intermediaries' virtual asset-related activities (Jan 2022)
10:05 Regulation of virtual asset portfolio managers
12:30 Proforma Terms and Conditions for Licensed Corporations which Manage Portfolios that Invest in Virtual Assets - Oct 2019
14:27 Notification requirements & licensing conditions
15:40 Restriction to professional investors
17:09 Safeguarding of assets
19:50 Portfolio valuation
20:49 Risk management
22:37 Auditors & liquid capital
23:30 Disclosure of information, AML/CFT & prevention of market misconduct
24:40 Licensing conditions for managers of discretionary accounts
25:15 Licensed virtual asset fund managers
26:18 Distributors of virtual asset funds
28:28 Definitions of virtual assets and virtual asset-related products
29:38 Virtual asset-related products that are complex products
31:16 Selling restrictions & virtual asset-knowledge test
34:27 Suitability assessment for virtual asset-related products
35:09 Additional due diligence on unauthorized virtual asset funds
36:28 Required intermediary due diligence on fund managers
38:08 Required intermediary due diligence on funds
39:20 Required intermediary due diligence on funds' counterparties
40:19 Provision of information and warnings to clients
40:55 Provision of financial accommodation
41:17 Virtual asset-related derivative products
42:39 Virtual asset-related derivative products traded on specified exchanges
44:29 Requirements for intermediaries providing virtual asset dealing services
46:48 Providing virtual asset dealing services under an omnibus account management
48:30 Providing virtual asset dealing services as an introducing agent
49:29 Providing virtual asset discretionary account management services
50:40 Requirements for intermediaries providing virtual asset advisory services
51:57 SFC and HKMA notification requirements
52:09 HKMA Circular on Regulatory Approaches to Authorized Institutions' Interface with Virtual Assets and Virtual Asset Service Providers (Jan 2022)
53:06 Prudential supervision
54:49 AML/CFT and financial crime risk
56:19 Investor protection

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