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Published online by Cambridge University Press: 01 July 2021
As China has banned ICOs, cryptoassets cannot be created and traded there. This chapter thus examines the relevant law in the Hong Kong Special Adminstrative Region (HKSAR). Due to the difficulties in regulating cryptoassets under the traditional framework, HKSAR set up its first regulatory regime on cryptoassets in November 2018, imposing new standards on cryptoasset fund managers, distributors and platform operators. A year later, HKSAR further clarified its position on the regulation of cryptoasset exchanges. Overall, the new regulatory regime for cryptoassets in HKSAR addresses the issues of regulatory gaps and regulatory arbitrage that existed under the previous framework as well as introducing enhanced regulatory standards. This has the effect of improving investor protection, but there are some remaining concerns. Chief amongst them are the problems with regulatory scope, the application of traditional regulatory standards to cryptoassets that do not fall within the definition of securities or futures, problems with the sandbox mechanism and ultimately, as a matter of regulatory philosophy, the need for a better balance between investor protection and market development.
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