🔥 Hong Kong’s regulation steps up again: the “ledger” of virtual asset platforms will be made even clearer going forward!
On September 28, the Securities and Futures Commission of Hong Kong (SFC) and the Investor and Financial Services Bureau (IFSB) signed a new Memorandum of Understanding, expanding regulatory cooperation beyond just monitoring the financial reports and audits of listed companies. It will now also cover reporting on finances and compliance by licensed corporations, licensed virtual asset service providers, authorized funds, and open-ended fund companies. Related work by auditors, as well as assurance and verification engagements, will also be brought within the scope of cooperation.
In plain terms, it means regulators will no longer be simply “each department manages its own area.” Instead, mechanisms for information sharing, risk checks, case referrals, joint inspections, and investigations will be further integrated.📋🔍
What I think is truly worth paying attention to in this news isn’t just that another document has been added, but that Hong Kong is gradually putting virtual assets into a more complete financial regulatory framework. For the industry, compliance requirements will become more detailed; meanwhile, market transparency and the foundation for institutional participation are gradually strengthening as well.
Notably, virtual asset service providers have been explicitly included in this cooperation scope. That means in the future, platforms will face more systematic regulatory coordination in areas such as finance, compliance, and auditing.
One-sentence summary: To genuinely move into mainstream finance, the crypto industry can’t rely on traffic and capital alone—accounts must add up clearly, and the rules must keep pace. 👀
On September 28, the Securities and Futures Commission of Hong Kong (SFC) and the Investor and Financial Services Bureau (IFSB) signed a new Memorandum of Understanding, expanding regulatory cooperation beyond just monitoring the financial reports and audits of listed companies. It will now also cover reporting on finances and compliance by licensed corporations, licensed virtual asset service providers, authorized funds, and open-ended fund companies. Related work by auditors, as well as assurance and verification engagements, will also be brought within the scope of cooperation.
In plain terms, it means regulators will no longer be simply “each department manages its own area.” Instead, mechanisms for information sharing, risk checks, case referrals, joint inspections, and investigations will be further integrated.📋🔍
What I think is truly worth paying attention to in this news isn’t just that another document has been added, but that Hong Kong is gradually putting virtual assets into a more complete financial regulatory framework. For the industry, compliance requirements will become more detailed; meanwhile, market transparency and the foundation for institutional participation are gradually strengthening as well.
Notably, virtual asset service providers have been explicitly included in this cooperation scope. That means in the future, platforms will face more systematic regulatory coordination in areas such as finance, compliance, and auditing.
One-sentence summary: To genuinely move into mainstream finance, the crypto industry can’t rely on traffic and capital alone—accounts must add up clearly, and the rules must keep pace. 👀
