Hong Kong Securities and Futures Commission issues circular clarifying virtual asset custody requirements
According to Deep Tide TechFlow, the Hong Kong Securities and Futures Commission has issued a circular to licensed virtual asset trading platforms, outlining the requirements for robust custody of clients' virtual assets. The circular lists good operational practices and minimum standards, including responsibilities of senior management, customer cold wallet infrastructure and operations, third-party wallet applications, and real-time threat monitoring. These standards will become the core regulatory requirements for virtual asset custodians, promoting the establishment of an effective custody framework in the industry.