Staying up to date with the ever-evolving regulations and navigating the complex regulatory landscape can be challenging. In this edition of the Synpulse RegWatch, we provide the latest developments in regulatory compliance across Singapore, Hong Kong, Taiwan, and Australia. Join us as we explore these updates and provide recommendations to help you stay compliant.
Following the guidelines set by the Basel Committee on Banking Supervision (BCBS), the HKMA broadly categorised cryptoassets into two broad groups, namely Group 1 cryptoassets, which consist of qualifying tokenised assets and stablecoins, and Group 2 cryptoassets, which are cryptoassets that fail to meet all the Group 1 classification conditions.
Hong Kong: HKMA streamlined investor protection measures and provided guidance on flexible selling processes to enhance customer experience while ensuring customer protection. This includes standards related to risk disclosure for subsequent transactions of comparable products, assessment of customer’s investment horizon and concentration risk, and handling of execution-only transactions.