Category: Compliance

Hong Kong SFC Mulls Virtual Asset Derivatives Trading On June 4, Christopher Hui noted that the Hong Kong SFC is studying the possibility of allowing professional investors to trade virtual asset derivatives, and will implement sound risk management frameworks. This initiative will further diversify Hong Kong’s financial product landscape while maintaining a safe and transparent… Read more

This note seeks to highlight several key considerations for business that provide services especially for digital payment tokens. Given the very high hurdle to obtaining a FSMA licence indicated by MAS, we believe the more relevant consideration for businesses is whether its activities fall outside FSMA. Territorial scope of FSMA MAS stated in its recent… Read more

On 4 October 2024, the Monetary Authority of Singapore (“MAS”) issued a consultation paper on the proposed regulatory approach, regulations, notices and guidelines for digital token service providers issued under the Financial Services and Markets Act 2022 (“FSM Act”) (the “consultation paper”). The consultation period closed on 4 November 2024, and MAS would like to… Read more

These Guidelines provide guidance to all holders of a licence granted under section 138 of the Financial Services and Markets Act 2022 (“FSM Act”) (hereinafter “digital token service providers”) on the requirements in MAS Notice FSM-N27 on Prevention of Money Laundering and Countering the Financing of Terrorism – Holders of Digital Token Service Licence (“the… Read more

In this Consultation Paper (CP) we are consulting on proposed rules and guidance for the activities of issuing a qualifying stablecoin and safeguarding qualifying cryptoassets, including qualifying stablecoins. This CP follows Discussion Paper (DP23/4) on our proposed approach to regulating stablecoins, which may be used for payments. Our proposals have been guided by our statutory… Read more

The GENIUS Act of 2025 (S.1582) aims to establish a comprehensive federal framework for regulating payment stablecoins—digital assets pegged to a fixed value (e.g., $1) and used for payments or settlements. Although the Senate did not advance the bill on May 8, it outlines key proposals that may shape future legislation. Key Requirements for Issuers… Read more

On May 21, 2025, Hong Kong’s Legislative Council passed the Stablecoins Bill, establishing a licensing regime for fiat-referenced stablecoin (FRS) issuers. The new law requires any entity issuing an FRS in or related to Hong Kong to obtain a license from the Monetary Authority (MA). Licensed issuers must meet stringent requirements, including proper reserve asset… Read more

Innovation has always been a driving force behind the UAE’s economic ambition – and few industries embody that spirit more powerfully than crypto. From launching the world’s first independent regulator for virtual assets, VARA, to implementing a bespoke VAT framework for digital transactions, the UAE is not merely keeping pace with change but is leading… Read more

The SC is cognisant of the rapid evolution and growth of technology and innovation in relation to various capital market products and services. In this regard, the SC has observed a growing interest among capital market participants who wish to offer tokenised capital market products or carry out regulated activities relating to tokenised capital market… Read more