Authored by: Richard Mazzochi , Minny Siu , Urszula McCormack , Andrew Fei and Cindy Shek

During FinTech Week 2023 the Hong Kong Securities and Futures Commission (“SFC”) issued two highly anticipated circulars to its regulated intermediaries on the tokenisation of securities and other investment products. This article, which includes a two-minute quick read section and diagrams, takes a deep dive into the first SFC circular, which provides important regulatory guidance to intermediaries that engage in activities relating to tokenised securities (“Intermediaries Circular”). This article is the second in a new KWM series on tokenisation across Asia.

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