New licence required for Virtual Asset Service Providers in Hong Kong from 1 March 2023 | 2023年3月1日起新监管牌照要求将适用于香港虚拟资产服务提供者

• Hong Kong

• Crypto assets

06-07-2022

From 1 March 2023, operators carrying on a business of operating a virtual assets (“VA”) exchange will require a licence granted by the Securities and Futures Commission (“SFC”) under the proposed amendments to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (“AMLO”). The amendments are set to be introduced to the Legislative Council for first reading on 6 July 2022.

Notably, organisations will be “deemed” to be licensed under the new virtual asset service providers (“VASP”) regime (unless the SFC otherwise notifies the organisation), if they apply for the VASP licence between 1 March 2023 and 30 November 2023, and confirm that they will comply with the regulatory requirements set by the SFC.

1. What is regulated under the new VASP licensing regime?

Under the new VASP licensing regime, a person carrying on a business of providing “VA services” will require a licence.

At this stage, it appears that only organisations operating centralised VA exchange are caught by the VASP regime. This includes Hong Kong-based cryptocurrency exchanges, as well as offshore exchanges which actively market to the Hong Kong public. Notably, NFT marketplaces, decentralised cryptocurrency exchanges, limited purpose digital token (such as loyalty points or in-game VA) and securities VA are not under the purview of the VASP regime.

The definition of a regulated VA service may, of course, expand in the future, depending on further market developments and any associated money laundering and terrorist financing risks.

2. Who can apply for a licence?

Under the licensing regime, the SFC will only grant a VASP licence to an applicant which:

• is a locally incorporated company with a permanent place of business in Hong Kong or a foreign company registered in Hong Kong; and

• has passed the SFC’s fit and proper person test.

3. What are the requirements for the VASP licence holder?

VASP licence applicants are required to:

• appoint at least two SFC-approved responsible officers (“RO”) to oversee the operations and ensure compliance with AML/CFT and other regulatory requirements. Only ROs may become executive directors of a VASP;

• appoint licensed representatives to carry out regulated functions on behalf of the VASP, or be approved as RO of the VASP. Such licensed representatives will be individuals who meet the qualification requirements determined by the SFC, and should be competent to carry out VA trading services; and

• abide by the licensing conditions of the SFC, including that the VASP should have: adequate financial resources, knowledge and experience, risk management policies and procedures, VA listing and trading policies, proper financial reporting and disclosure, and mechanisms to prevent market manipulative and abusive activities and conflicts of interest.

It is expected that the SFC will publish further guidelines to clarify the requirements for the VASP licence.

The SFC may also impose the following additional licence conditions:

• the applicants should have a sound business model and detailed risk management policies and other listing and counter-market manipulation measures; and

• in the initial stages, the VASPs may only offer services to professional investors.

These additional requirements do not form part of the VASP regulatory regime of other comparable jurisdictions (e.g. Singapore, U.K., Japan), and it does appear that the new Hong Kong VASP regime is likely to be perceived as being more stringent compared to that of other markets.

For the 2022 AMLO Amendment Bill, please see here; and for the Legislative Council Brief, please see here.

You may also read our previous articles on this topic below:

• The shape of things to come - What to expect in the Year of the Tiger – see page 35 on Proposed licensing regime for VASPs; and

• Hong Kong proposes licensing regime for virtual asset service provider.

自2023年3月1日起，根据《打击洗钱及恐怖分子资金筹集条例》（第615章）（"打击洗钱条例"）的修订草案，从事虚拟资产交易所业务的运营商将须持有由香港证券及期货事务监察委员会（"证监会"）发出的虚拟资产服务提供者牌照。该修订草案将在2022年7月6日于立法会进行首读。

值得注意的是，如果机构在2023年3月1日至2023年11月30日期间提交虚拟资产服务提供者牌照申请，并确认将遵从证监会规定的规管要求，其将被"视作"已获得虚拟资产服务发牌制度下的牌照（除非获证监会另行通知）（"新发牌制度"）。

1. 在新发牌制度下，哪些活动是受监管的？

在新发牌制度下，从事提供 "虚拟资产服务"业务将需要持有相关牌照。

目前，似乎只有经营虚拟资产交易服务的中央平台才受新发牌制度的约束。这包括位于香港的加密货币交易所，以及积极向香港公众推销的离岸交易所。值得注意的是，非同质化货币(Non-Fungible Token)交易所、去中央化虚拟资产交易所、有限用途数码代币（如客户酬报积分或游戏用虚拟资产）及证券型虚拟资产不在新发牌制度的管辖范围内。

当然，新发牌制度下"虚拟资产服务"的定义在未来可能会扩大。这取决于进一步的市场发展以及与其相关的任何洗钱和恐怖分子资金筹集风险。

2. 谁可以申请牌照？

在新发牌制度底下，证监会只向以下申请人发放虚拟资产服务提供者牌照：

• 在香港成立并设有固定营业地点的公司，或在其他地方成立但在香港注册的公司；及

• 已通过证监会的适当人选测试的申请人。

3. 虚拟资产服务提供者牌照持有人需符合哪些要求？

虚拟资产服务提供者牌照申请人必须：

• 委任至少两名证监会批准的负责人员 (responsible officer)，以监督业务，并确保申请人遵守反洗钱及打击恐怖分子资产筹集规定及其他规管要求。只有负责人员可以出任虚拟资产服务提供者的执行董事。

• 委任持牌代表 (licensed representative)，以代表虚拟资产服务提供者执行受监管职能，或作为证监会批准的虚拟资产服务提供者的负责人员。持牌代表将为符合证监会所订的若干资格要求的个人，并应具备提供虚拟资产交易服务的能力；以及

• 遵守证监会的牌照申请条件，包括虚拟资产服务提供者应具备及设有：足够的财政能力、知识和经验、风险管理政策和程序、虚拟资产挂牌和交易政策、妥善的财务汇报和披露安排，以及防止市场操纵、违规活动和利益冲突的机制。

我们预计证监会将就虚拟资产服务者牌照的要求，公布进一步的指引。

证监会还可能施加以下额外的发牌要求：

• 申请人应具有稳健的业务模式及制定详细的风险管理政策和其他上市及反市场操纵措施；以及

• 在新发牌制度实行的最初阶段，虚拟资产服务提供者只可向专业投资者提供服务。

这些额外的要求未在其他可比较的司法管辖区（如新加坡、英国、日本）的虚拟资产服务提供者规管制度中被采纳——似乎新发牌制度可能比其他市场的制度相对严格。

有关《打击洗钱条例》2022年修订草案，请见此处；有关立法会参考资料摘要，请见此处。

如您希望阅读我们以前的文章，请见以下链接：

• 冬去春来 虎年前瞻 壬寅虎年 热门法律议题概览 ——见第34页"虚拟资产提供者的拟议发牌制度"；及

• 香港建议对虚拟资产提供者实行发牌制度 （只具英文版本）。