# Сопутствующие статьи по теме Regulation

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Regulation", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Interpretation of Hong Kong's New Virtual Asset Licensing Regulations: Joint Announcement by Financial Services and the Treasury Bureau and SFC Declares Entry into the 'Full Licensing' Era

Hong Kong's Financial Services and Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) have jointly issued a consultation conclusion and launched a new public consultation, marking a significant step towards a comprehensive licensing regime for virtual asset (VA) activities. The new framework expands beyond the existing Anti-Money Laundering Ordinance (AMLO) requirements for Virtual Asset Trading Platforms (VATPs) to establish mandatory licensing for VA trading, custody, advisory, and asset management services. Key measures include: - **VA Trading Services**: Defined similarly to "Type 1 regulated activity (dealing in securities)" under the SFO. Licensees must meet capital requirements (HK$5 million paid-up capital, HK$3 million liquid capital) and must use SFC-regulated custodians, separating trading and custody. - **VA Custody Services**: Standalone custodians require higher capital (HK$10 million paid-up capital) and must adhere to strict operational standards for cold/hot wallet storage, private key management, and independent audits. - **New Proposed Licenses**: A one-month consultation introduces licensing for "VA advisory services" (providing investment advice on VAs) and "VA asset management" (managing VA portfolios), with no minimum threshold exemptions, closing regulatory gaps. This shift to a "fully licensed" era aims to build institutional trust by imposing traditional financial standards, enhancing investor protection, and creating a regulated ecosystem. However, challenges include compliance costs for smaller players, potential capital outflow, and the need for regulatory capacity to handle applications and technical oversight. Market participants must immediately assess their services against the new classifications, begin licensing preparations, and integrate compliance into their long-term competitive strategy, including potential tax implications and reporting requirements. The landscape may evolve towards integrated full-service groups and specialized niche providers.

marsbit01/30 07:28

Interpretation of Hong Kong's New Virtual Asset Licensing Regulations: Joint Announcement by Financial Services and the Treasury Bureau and SFC Declares Entry into the 'Full Licensing' Era

marsbit01/30 07:28

Regulatory Clarity for Tokenized Securities: Which Hot Projects Won't Pass the SEC's Scrutiny?

The U.S. SEC has issued new guidance clarifying the regulatory treatment of tokenized securities, emphasizing that the use of blockchain does not change the fundamental nature of securities obligations. The guidance distinguishes between two main types of tokenized securities: those led by the issuer (where blockchain is used as a technical upgrade to record ownership registry, without altering rights or regulatory requirements) and those created by third parties (which may not confer direct ownership rights and introduce additional risks such as custody or counterparty risk). The SEC stresses that regardless of the technology used, any asset that meets the definition of a security or derivative remains subject to existing federal securities laws. This move aims to address market confusion, particularly around unauthorized “tokenized stocks” that mimic equity without issuer involvement—such as certain products offered by platforms like Robinhood in Europe or third-party claims of tokenized equity in companies like OpenAI. In contrast, compliant initiatives—such as those by Kraken, NYSE, or DTCC—focus on integrating tokenization within existing regulatory frameworks, ensuring issuer participation and clear accountability. The guidance reinforces that tokenization is not a shortcut to bypass securities laws but must align with legal and economic substance.

Odaily星球日报01/30 03:36

Regulatory Clarity for Tokenized Securities: Which Hot Projects Won't Pass the SEC's Scrutiny?

Odaily星球日报01/30 03:36

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