Author - Victoria Campbell

1
SFC Circular on SFC-Authorized Funds with Exposure to Virtual Assets–Part 1
2
SFC Circular on Intermediaries Engaging in Tokenized Securities Activities (Part 2)

SFC Circular on SFC-Authorized Funds with Exposure to Virtual Assets–Part 1

By: Jay Lee and Anson Chan

Earlier this year, the US Securities and Exchange Commission approved 11 spot Bitcoin ETFs. In Hong Kong, in view of rapid developments of virtual asset (VA) products and growing investment products offering exposure to VAs, the Securities and Futures Commission (SFC) issued a circular, on 22 December 2023, detailing requirements for investment funds with exposure of more than 10% of net asset value (NAV) to VA seeking authorization for public offerings in Hong Kong (Circular).

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SFC Circular on Intermediaries Engaging in Tokenized Securities Activities (Part 2)

By: Jay Lee and Beatrice Wun

In our previous blog, we discussed the Hong Kong Securities and Futures Commission (SFC)’s position on the taxonomy of tokenized securities and digital securities, and whether tokenized securities will be regarded as “complex products”. In this blog, we explore the guidance set forth in the SFC’s circular on intermediaries engaging in tokenized securities-related activities (the Circular).

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