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Source: Surging News
Hong Kong’s supervision of digital assets is further.
On February 20, the Hong Kong Financial Administration (hereinafter referred to as the “Hong Kong Financial Management Bureau”) issued two currently effective regulatory guidelines for digital assets and token products, namely “Provide Digital Asset Storage Service” and “Sales and Sales and Sales and Sales andDistribute tokens and products “.”
Earlier, Yu Jialing, co -chairman of the China Communications Industry Association’s Blockchain Special Committee and Honor Chairman of the Hong Kong Blockchain Association, told Surging News (www.thepaper.cn) that the compliance and institutionalization of the global digital asset market areThe general trend.
The Hong Kong Monetary Administration provides guidelines on digital asset storage services, emphasizing digital assets separated by customers
A notice on providing digital asset custody services states that with the sustainable development of the digital asset industry, the Hong Kong Financial Administration has noticed that it is increasingly interested in the recognition agencies for digital asset -related activities, especially to provide customers with digital asset custody services.
In order to ensure that the customer’s digital assets are fully guaranteed, and the relevant risks have been properly managed, the Hong Kong HKMA believes that it is necessary to provide a guidance for providing digital asset storage services to provide digital asset storage services.The Hong Kong HKMA refers to international standards and practices, formulates the expected standards contained in the attachment, and gives the recognition of the flexibility of the institution. It can formulate corresponding operation arrangements in accordance with the nature, characteristics and risks of the custody.
The guidelines are suitable for the custody activities of digital assets (ie, mainly relying on encryption and distributed classification accounts or digital assets of distribution or similar technologies), which are appropriate to recognize agencies and local registered and recognized agencies, but do not include limited use digital tokensEssenceThe assets include virtual assets, tokens, and other token -based assets.
The Hong Kong Monetary Administration is mainly in governance and risk management, separating customer digital assets, guaranteeing customer digital assets, transgenic and external judgment, disclosure, preparation records and customer digital assets, campaign to crack down on money laundering and terrorist funds, and continueEight aspects such as supervision made specific guidelines.
It is worth noting that in terms of separating customer digital assets, the Hong Kong HKMA clearly stated that the recognition agency should hold customer digital assets at an independent customer account and separate from the assets of the recognition agency to ensure that once the approval institution is unable to pay debt or enterWhen dealing with procedures, it can protect customers ‘digital assets from recognition of creditors’ claims.
In terms of implementation, if the subsidiary of the recognition agency or (such as a local registration and recognition agency) is interested in providing digital asset custody services, it shall be discussed with the Hong Kong HKMA in advance, and it will be displayed to the Hong Kong HKMA.The expected standards and regulations (and such standards and regulations revised from time to time).
If an affiliated company that recognizes the agency or the local registered and approved agency has carried out digital asset storage activities, its systems and monitoring measures should be reviewed and revised as needed.The local registration and recognition agencies that have carried out digital asset storage activities that such recognition agencies or their subsidiaries shall notify the Hong Kong HKMA within 6 months from the date of the announcement and confirm the expected standards that they have met the attachments.
The Hong Kong Monetary Administration provides guidelines on its tokens, and provides clear regulatory requirements for the banking industry
Sales and distribution of token products show that the Hong Kong HKMA supports the recognition of the agencies’ measures in its tokenization and is encouraged to the progress of the industry so far.The Hong Kong Financial Management Bureau believes that it is time to provide guidelines on the related activities of the ages, providing clear regulatory requirements for the banking industry, to support the benefits of continuing innovation and realization of the industry, and at the same timeThe angle of the angle takes appropriate guarantee measures.
The tokenized products covered by the letter refer to the real world assets expressed in digital forms using distributed classification accounts or similar technologies, but they are not suitable for the regulation of the Securities and Futures Regulations and the Hong Kong Securities and Futures Affairs Supervision Committee and Hong Kong.The relevant regulations issued by the HKMA from time to time.
The Hong Kong HKMA pointed out that as a general principle, the current regulatory regulations on sales and distribution of a product and consumer/investor guarantee measures are also applicable to the product that sells and distribute in the form of tokens.The recognition agencies should ensure that they evaluate and understand the terms, characteristics and risks of each tokenized product, and use professional judgment to determine the applicable legal and regulatory regulations.At the same time, when recognizing that agencies sell and distribute token products to customers, sufficient systems and monitoring measures should be formulated to ensure that all applicable regulations should be compliant and appropriate internal surveillance measures should be implemented to cope with specific risks of relevant token productsWith unique nature.
In addition to the above general principles, the recognition agencies should implement consumer/investor guarantee measures on consumer/investor in the implementation of tokenized products.
In terms of implementation, the recognition agency shall implement sufficient policies, procedures, systems, and monitoring measures before engaging in activity related activities of insonation products to ensure that it complies with the provisions and other applicable regulations contained in this notice, and discuss with the Hong Kong HKMA in advance.
