Government publishes non-stablecoin cryptoasset Consultation and Call for Evidence

HM Treasury (HMT) has published its long-awaited consultation (Consultation) and call for evidence (Call for Evidence) on the regulation of cryptoassets that are not stablecoins, e-money or already regulated by virtue of amounting to a traditional financial services instrument (a share, bond, unit in a fund, derivative, etc). Its scope is broad and captures a whole swathe of cryptoassets including cryptocurrency such as Bitcoin, as well as non-fungible tokens (NFTs). Read more

Isolated complaint or systemic issue? Hong Kong Monetary Authority strengthens requirements for complaints handling and investigating control deficiencies to be implemented by 5 April 2023

What are authorised institutions (AIs) required to do when they receive a customer complaint? On 6 January 2023, the Hong Kong Monetary Authority (HKMA) issued its updated Supervisory Policy Manual (SPM) module IC-4 on complaints handling and redress. The updated IC-4 imposes new requirements on AIs under an enhanced complaints handling framework, in line with one … Read more

When AI meets the Consumer Duty

Herbert Smith Freehills LLP has published an article in Butterworths Journal of International Banking and Financial Law on artificial intelligence (AI) and the Consumer Duty. Read more

Hong Kong virtual asset regulation – 2022 wrap-up and what to expect in the new year

Have you been keeping up to date with the latest virtual asset (VA) developments in Hong Kong? They continue to come thick and fast. We set out below a wrap-up of the most recent developments, including in relation to the new virtual asset service provider (VASP) licensing regime, warnings from the Securities and Futures Commission (SFC), amendments to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), and what to expect in the new year. Read more