VA dealers and custodians
Background
On 27 June 2025, the Financial Services & the Treasury Bureau and the Securities and Futures Commission ("SFC") issued two joint consultation papers to introduce new licensing regimes for virtual assets ("VA") related activities:
- dealing in virtual assets ("VA Dealing Regime"); and
- providing VA Custodian Services ("VA Custodian Regime").
The joint consultations on the above proposed regimes follows the previous consultation of the proposed VA over-the-counter ("OTC") trading service licensing regime launched in February 2024, which we have covered in an earlier client alert, and both regimes are proposed to be regulated by the SFC.
Both consultations will close on 29 August 2025. This client alert summarises the content of the consultation papers.
Click here to read more.
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