The rapidly evolving virtual assets space is an exciting field that many believe will have a transformative impact on the world of finance, along with complementary technologies such as distributed ledger technology, also known as blockchain, and Web 3.0.

Hong Kong’s commitment to supporting innovation in the global virtual assets community is likely to be the overarching theme of the upcoming policy statement. Due to take place between October 31 and November 1, compliance teams should ensure they keep up with the remarks made at Hong Kong FinTech Week by regulators and government officials.

The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its first meeting, under the chairmanship of Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Chairman Securities and Commodities Authority (SCA), to discuss strategy for blockchain and virtual assets, which is aligned with the Emirates economic strategy.

On 8 July 2022, Hong Kong’s Securities and Futures Commission (SFC) issued new guidance and requirements regarding investments in virtual assets and insurance-linked securities (ILS) by SFC-authorised funds.