Registration for Dealers in Precious Metals and Stones
To enhance Hong Kong's regulatory regime for combating money laundering and terrorist financing (ML/TF) in fulfilment of Hong Kong's obligations under the Financial Action Task Force, a new two-tier registration regime for dealers in precious metals and stones has been introduced under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022 for commencement on 1 April 2023. Customs and Excise Department (C&ED) would take charge of the regime and take enforcement actions against non-compliance cases.
Registration for Virtual Asset Trading Platforms
The Securities and Futures Commission (SFC) issued a new regulatory framework for virtual asset trading platforms. Platforms which operate in Hong Kong and offer trading of at least one security token now apply to be licensed by the SFC.
SFC will only grant licences to platform operators which are capable of meeting robust regulatory standards. These standards are comparable to those which apply to licensed securities brokers and automated trading venues but also incorporate additional requirements to address specific risks associated with virtual assets.
For example, the SFC will impose licensing conditions requiring that platform operators offer their services exclusively to professional investors, only service clients who have sufficient knowledge of virtual assets and maintain stringent criteria for the inclusion of virtual assets on their platforms. In addition, licensed platforms will be placed in the SFC Regulatory Sandbox for a period of close and intensive supervision.
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