Premium Only Content
Webinar | Licensing Regimes for Virtual Asset OTC Services & Stablecoin Issuers | 30 September 2024
The webinar discussed the proposed regulatory frameworks for virtual asset OTC services and stablecoin issuers in Hong Kong. The Hong Kong government aims to address money laundering and terrorist financing risks linked to virtual assets under the Anti-Money Laundering and Counter Terrorist Financing Ordinance (AMLO).
A licensing regime was implemented for virtual asset trading platforms (VATP) in June 2023, requiring operators to be licensed by the SFC and comply with AML/CTF provisions, limiting retail trading to major assets like Bitcoin and Ether. However, this regime does not cover over-the-counter (OTC) virtual asset trading, prompting new proposals for licensing these services under the Commissioner of Customs and Excise (CCE).
Licensing requirements for OTC services include stringent eligibility criteria and AML/CTF compliance, with enforcement powers granted to CCE. For stablecoins, a proposed regime focuses on fiat-referenced stablecoins to mitigate monetary and financial stability risks, requiring issuers to hold proper reserve assets and meet the HKMA's stringent conditions.
The proposed regimes emphasize investor protection by imposing severe penalties for non-compliance and plan transitional periods to integrate existing operators. Additionally, the HKMA introduces a sandbox initiative for testing stablecoin business models, with three participants already admitted. The overall aim is to foster safe virtual asset innovation and ensure regulatory alignment with global standards.
#VirtualAssets #HongKongRegulation #StablecoinIssuers
Timecodes:
00:00 Introduction to Hong Kong's Virtual Asset Licensing Regime
01:57 Background and Development of Hong Kong's Regulatory Framework
03:31 Licensing Regime for Centralized and OTC Trading Platforms
05:20 Eligibility and Compliance Requirements for OTC Licenses
06:58 Operational and Trading Conditions for OTC Services
08:42 OTC License Transition and Sanctions
15:12 Regulatory Framework for Stablecoin Issuers
18:30 Definition, Licensing, and Regulation of Stablecoins
28:10 Risk Management and Compliance for FRS Issuers
33:25 HKMA's Oversight and Licensing Conditions for FRS Issuers
38:44 FRS Issuance, Market Operations, and Licensing Renewal
45:44 International Cooperation and Flexible Regulatory Adjustments
50:48 Sanctions, Transitional Arrangements, and Public Awareness
54:24 Conclusion and Future Developments
Charltons Law Firm:
https://www.charltonslaw.com/
Julia Charlton
https://www.charltonslaw.com/the-firm/people-culture/team-profile/julia-charlton/
Don’t forget to follow our social media:
LinkedIn: https://linkedin.com/company/2995759/
Facebook: https://facebook.com/charltons
Instagram: https://instagram.com/charltonslaw/
Youtube: https://www.youtube.com/@charltons-law
Spotify.Podcasters: https://podcasters.spotify.com/pod/show/charltons
-
1:15:00
Awaken With JP
11 hours agoMerry Christmas NOT Happy Holidays! Special - LIES Ep 71
169K131 -
1:42:21
The Quartering
12 hours agoTrump To INVADE Mexico, Take Back Panama Canal Too! NYC Human Torch & Matt Gaetz Report Drops!
133K99 -
2:23:15
Nerdrotic
12 hours ago $12.27 earnedA Very Merry Christmas | FNT Square Up - Nerdrotic Nooner 453
103K11 -
1:14:05
Tucker Carlson
12 hours ago“I’ll Win With or Without You,” Teamsters Union President Reveals Kamala Harris’s Famous Last Words
195K358 -
1:58:31
The Dilley Show
12 hours ago $33.68 earnedTrump Conquering Western Hemisphere? w/Author Brenden Dilley 12/23/2024
149K40 -
1:09:59
Geeks + Gamers
13 hours agoSonic 3 DESTROYS Mufasa And Disney, Naughty Dog Actress SLAMS Gamers Over Intergalactic
101K21 -
51:59
The Dan Bongino Show
14 hours agoDemocrat Donor Admits The Scary Truth (Ep. 2393) - 12/23/2024
890K2.96K -
2:32:15
Matt Kohrs
1 day agoRumble CEO Chris Pavlovski Talks $775M Tether Partnership || The MK Show
134K32 -
28:23
Dave Portnoy
1 day agoDavey Day Trader Presented by Kraken - December 23, 2024
165K44 -
59:29
BonginoReport
16 hours agoTrump, Murder Plots, and the Christmas Miracle: Evita + Jack Posobiec (Ep.110) - 12/23/2024
169K147