HK regulator tightens custody standards for virtual asset platforms

Description

The Hong Kong Securities and Futures Commission has listed new key requirements and best-practice recommendations to protect client digital assets. On Friday, the commission published a circular for all licensed virtual asset trading platforms (VATPs) to guide the sector toward enhanced custody systems under the “ASPIRe” plan. It said from now on, VATPs will need to review and strengthen their custody practices, particularly after the series of incidents in recent months that have highlighted de...