Regulators released comprehensive guidance to banks, intermediaries, and insurers on virtual asset-related activities.

Key Points:

..Banks and intermediaries looking to provide distribution, dealing, and advisory services in connection with virtual assets now have a comprehensive and actionable regime that can be used to solicit customers looking to increase their exposure to crypto.

..Banks and insurers seeking to deal with virtual assets on a proprietary basis or as part of their banking or insurance products now have guidance on how virtual assets should be treated from a prudential and risk perspective.

..Banks and intermediaries may partner with Hong Kong-licensed virtual asset trading platforms only. For unlicensed or overseas virtual asset trading platforms, this stipulation may be the impetus needed to acquire a license in Hong Kong.