Regulatory requirements
SFC-licensed or registered intermediaries carrying on business involving virtual asset-related activities are subject to a wide range of regulatory requirements.
The relevant regulatory requirements can be found in the following SFC publications:
Virtual asset fund managers
- Circular on SFC-authorised funds with exposure to virtual assets (22 December 2023)
- Joint circular on intermediaries’ virtual asset-related activities (22 December 2023)
- Circular on intermediaries engaging in tokenised securities-related activities (2 November 2023)
- Circular on tokenisation of SFC-authorised investment products (2 November 2023)
- Joint circular on intermediaries’ virtual asset-related activities (20 October 2023) (superseded by the joint circular on intermediaries’ virtual asset-related activities on 22 December 2023)
- Circular on Virtual Asset Futures Exchange Traded Funds (31 October 2022) (superseded by the circular on SFC-authorised funds with exposure to virtual assets on 22 December 2023)
- Joint circular on intermediaries' virtual asset-related activities (28 January 2022) (superseded by the joint circular on intermediaries’ virtual asset-related activities on 20 October 2023)
- Terms and Conditions for Licensed Corporations which Manage Portfolios that Invest in Virtual Assets (4 October 2019)
- SFC sets out new regulatory approach for virtual assets (1 November 2018)
- Circular to intermediaries on compliance with notification requirements (1 June 2018)
- Circular to clarify the "relevant industry experience" requirement for Responsible Officers under the Guidelines on Competence (29 September 2017)
- Circular to announce the SFC Regulatory Sandbox (29 September 2017)
Intermediaries dealing in or advising on virtual assets
- Circular on SFC-authorised funds with exposure to virtual assets (22 December 2023)
- Joint circular on intermediaries’ virtual asset-related activities (22 December 2023)
- Circular on intermediaries engaging in tokenised securities-related activities (2 November 2023)
- Circular on tokenisation of SFC-authorised investment products (2 November 2023)
- Joint circular on intermediaries’ virtual asset-related activities (20 October 2023) (superseded by the joint circular on intermediaries’ virtual asset-related activities on 22 December 2023)
- Joint circular on intermediaries' virtual asset-related activities (28 January 2022) (superseded by the joint circular on intermediaries’ virtual asset-related activities on 20 October 2023)
- Statement on Security Token Offerings (28 March 2019) (superseded by the circular on intermediaries engaging in tokenised securities-related activities on 2 November 2023)
- Circular to intermediaries on compliance with notification requirements (1 June 2018)
- Circular to clarify the "relevant industry experience" requirement for Responsible Officers under the Guidelines on Competence (29 September 2017)
- Circular to announce the SFC Regulatory Sandbox (29 September 2017)
Intermediaries distributing virtual asset-related products
- Circular on SFC-authorised funds with exposure to virtual assets (22 December 2023)
- Joint circular on intermediaries’ virtual asset-related activities (22 December 2023)
- Circular on intermediaries engaging in tokenised securities-related activities (2 November 2023)
- Circular on tokenisation of SFC-authorised investment products (2 November 2023)
- Joint circular on intermediaries’ virtual asset-related activities (20 October 2023) (superseded by the joint circular on intermediaries’ virtual asset-related activities on 22 December 2023)
- Circular on Virtual Asset Futures Exchange Traded Funds (31 October 2022) (superseded by the circular on SFC-authorised funds with exposure to virtual assets on 22 December 2023)
- SFC reminds investors of risks associated with non-fungible tokens (6 June 2022)
- Joint circular on intermediaries' virtual asset-related activities (28 January 2022) (superseded by the joint circular on intermediaries’ virtual asset-related activities on 20 October 2023)
- Warning statement on unregulated virtual asset platforms (16 July 2021)
- SFC issues warnings on virtual asset futures contracts (6 November 2019)
- Statement on Security Token Offerings (28 March 2019) (superseded by the circular on intermediaries engaging in tokenised securities-related activities on 2 November 2023)
- Circular to intermediaries on compliance with notification requirements (1 June 2018)
- SFC's regulatory action halts ICO to Hong Kong public (19 March 2018)
- SFC warns of cryptocurrency risks (9 February 2018)
- SFC issues reminder on cryptocurrency-related products and derivatives (11 December 2017)
- Circular to clarify the "relevant industry experience" requirement for Responsible Officers under the Guidelines on Competence (29 September 2017)
- Circular to announce the SFC Regulatory Sandbox (29 September 2017)
- SFC issues statement on initial coin offerings (5 September 2017)
Last update: 22 Dec 2023