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Home Regulations

Central Bank of Hong Kong Releases Guidance on Digital Asset Custody for Institutions

n70products by n70products
February 21, 2024
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Central Bank of Hong Kong Releases Guidance on Digital Asset Custody for Institutions
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Hong Kong’s central financial institution is releasing new tips for establishments fascinated with providing crypto custodianship providers.

The Hong Kong Financial Authority (HKMA) printed new guidelines this morning for monetary establishments in search of to promote or distribute tokenized merchandise.

In keeping with the be aware, the HKMA encourages monetary establishments to do their due diligence whereas researching potential digital asset merchandise to guard each themselves as establishments, in addition to particular person shoppers and traders.

The discharge additionally says licensed establishments (AIs) are permitted to introduce and promote tokenized merchandise themselves.

The discharge additionally lays the accountability of defending the patron on the ft of the AIs.

“AIs are anticipated to behave in the very best pursuits of their clients and make satisfactory disclosure of the related materials details about a tokenized product, together with key phrases, options and dangers, to allow the client to make an knowledgeable choice.”

Moreover, it’s on the AIs to handle the dangers of investing in crypto or tokenized merchandise and to have authorised insurance policies, procedures, and other people in place.

Lastly, concerning custodial providers, the discharge states,

“AIs which are additionally offering custodial providers of tokenized merchandise ought to meet the anticipated requirements on digital asset custody as issued by the HKMA once in a while.”

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