While proposed changes to Hong Kong’s virtual assets VA regime by the city’s regulators as announced at the city’s recent Fintech Week event may fall short on detail, they indicate a movement towards the broader acceptance of the virtual asset class, experts believe.
The incremental and risk-based approach that Hong Kong is taking is not surprising, given that the city’s financial authority, the Securities and Futures Commission SFC is a risk-based regulator, explained Mark Parsons, partner at Hogan Lovells and head of the firm’s Asia Pacific regulatory practice. He told FinanceAsia that this is particularly fitting, given Hong Kong’s position in the broader context of China.
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