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Hong Kong Securities Regulator Sets New Standards for Virtual Asset Custody

15/08 12:43

According to BlockBeats, the Hong Kong Securities and Futures Commission (SFC) issued a circular to all licensed virtual asset trading platforms on August 15. The circular outlines the requirements for robust custody of client virtual assets, laying a solid foundation for the industry's gradual adoption of advanced custody technologies under the ASPIRe roadmap. The latest circular from the SFC lists several best practices and minimum standards that virtual asset trading platform operators must meet. These include responsibilities of senior management, infrastructure and operations of client cold wallets, the use of third-party wallets, and real-time threat monitoring. In the future, these standards will become core regulatory requirements for virtual asset custodians and will help promote the establishment of an effective virtual asset custody framework in the industry.

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