Key Takeaways
Hong Kong’s SFC há launched new requirements to reinforce the custody of digital property for licensed buying and selling platforms.
The steering mandates stronger pockets infrastructure, entry controls, and administration oversight to handle world safety dangers.
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Hong Kong’s Securities and Futures Fee (SFC) has issued a round to all licensed digital asset buying and selling platforms (VATPs) outlining minimal requirements and good practices for safeguarding consumer digital property.The measures, launched underneath the “Safeguard” pillar of the SFC’s ASPIRe roadmap, reply to current findings from the regulator’s focused assessment and a string of high-profile custody failures on abroad platforms. These incidents have uncovered weaknesses in pockets infrastructure, transaction verification processes, and entry controls.By setting clear expectations in areas similar to senior administration accountability, safe chilly pockets operations, third-party pockets oversight, and real-time menace monitoring, the SFC goals to lift industry-wide custody resilience and guarantee Hong Kong’s digital asset sector develops on a safe and sustainable footing.
“To ensure that Hong Kong to foster a aggressive, sustainable and trusted digital asset ecosystem, consumer asset safety should all the time stay a high precedence for all licensed VATPs, which may leverage the SFC’s sensible information to step up their custody practices particularly amid heightened dangers globally,” stated Dr Eric Yip, the SFC’s Govt Director of Intermediaries.
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