To position itself as a digital hub amidst global regulatory scrutiny of online assets, the Hong Kong Securities and Investment Institute (HKSI) plans to provide training for virtual asset platforms. Supported by the local regulator Securities and Futures Commission (SFC), the HKSI ensures that all new centralized virtual asset trading platforms in Hong Kong acquire the necessary licenses.

It’s worth noting that existing operators and their platforms have until June of the following year to apply for licenses under the newly imposed regulations.

The HKSI’s upcoming schedule of events features a range of crypto-themed webinars designed to provide valuable insights into the world of digital assets. Two notable webinars include ‘How Digital Assets Can Co-Exist within Traditional Finance’s IT Architecture’ and ‘Digital Assets for Portfolio Management.’

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According to HKSI, the webinar titled ‘How Digital Assets Can Co-Exist within Traditional Finance’s IT Architecture’ aims to address the challenges that arise from integrating digital assets into the systems of traditional financial institutions, considering both technical and regulatory aspects. 

Participants can expect in-depth discussions on blockchain development, its practical applications, and the associated challenges and opportunities. This session targets explicitly senior executives, MICs of licensed corporations, asset/wealth managers, VA-related practitioners, compliance officers, and other professionals seeking to explore virtual asset investments.

Similarly, the webinar titled ‘Digital Assets for Portfolio Management’ will cover the fundamental aspects of digital assets. Attendees will gain insights into the basic trading instruments and strategies employed in the digital asset market.

The session aims to enhance participants’ understanding of digital assets, highlighting critical risks associated with crypto trading activities. Additionally, the webinar will shed light on the regulatory landscape surrounding digital assets and the trading platforms involved.

Established in 1997, the HKSI is responsible for training and administering licensing exams for brokers and asset managers in Hong Kong. Approximately 30,000 candidates undertake these examinations every year. 

The Hong Kong government has recently approved the retail trading of cryptocurrencies which went into effect on June 1, allowing retail traders to access particularly primary tokens like Bitcoin and Ethereum. 

In addition to that, it established a new licensing structure for virtual-asset service providers, making regular investors eligible to participate.

This decision aligns with a landmark ruling by the Hong Kong court on March 31, 2023, in the case of Re Gatecoin Limited (In Liquidation) [2023] HKCFI 914 (‘Gatecoin Case’). The court officially recognized cryptocurrencies as “property” under Hong Kong law, reinforcing their legal status within the jurisdiction. 

Furthermore, Hong Kong has implemented a tax exemption policy for individuals engaged in crypto-related activities as long as they are considered investments.

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Individuals investing in cryptocurrencies will not be subject to capital gains tax. However, income tax regulations still apply to corporations and crypto professionals who trade digital assets as a regular part of their business operations.

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