Hong Kong Points Guidelines for Crypto Asset Managers


This text was initially revealed by 8btc and written by Lylian Teng.

Hong Kong’s Securities and Futures Fee (SFC) has just lately launched guidelines and rules for fund managers coping with crypto property.

The securities regulator revealed a 37-page document titled “Proforma Phrases and Circumstances for Licensed Firms which Handle Portfolios that Spend money on Digital Belongings” on October 4, 2019. It offered detailed steerage for entities managing portfolios that spend money on “digital property,” its time period for cryptocurrencies.

Based on the doc, digital asset fund managers in Hong Kong ought to always keep liquid capital at a minimal of three million Hong Kong {dollars} (roughly $380,000) and its variable required liquid capital. As well as, ample human and technical sources and expertise are required, relying on the quantity of property beneath administration.

Versus mainland China, the place ICOs and exchanges offering cryptocurrency buying and selling have been banned since September 2017, the securities regulator lays out a authorized framework for ICOs.

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Screenshot from “Proforma Phrases and Circumstances for Licensed Firms which Handle Portfolios that Spend money on Digital Belongings”

Making certain Crypto Asset Fund Security in Hong Kong

With the intention to guarantee the security of fund property, the SFC requires the cryptocurrency fund managers entrust these property to custodians which might be functionally unbiased from themselves and that the digital asset fund managers guarantee their fund property are segregated from their very own property.

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Screenshot from “Proforma Phrases and Circumstances for Licensed Firms which Handle Portfolios that Spend money on Digital Belongings”

The detailed steerage appears to bolster that the SFC is exhibiting growing openness and understanding towards cryptocurrency funding.

In October 2018, the then-chairman of Hong Kong’s SFC expressed {that a} whole ban on cryptocurrency was not the proper strategy as it might not work in in the present day’s digital world when buying and selling can cross worldwide boundaries. Since then the area has been main the world in growing energetic measures to maintain the fast-growing cryptocurrency sector in verify.

In November 2018, the SFC issued guidelines for funds coping with cryptocurrency, which decided that funds that make investments greater than 10 % of the gross asset worth in crypto property have to be licensed by the SFC.

The publish Hong Kong Issues Rules for Crypto Asset Managers appeared first on Bitcoin Magazine.

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