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Hong Kong sets new rules allowing staking services for crypto firms and ETFs

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Hong Kong’s Securities and Futures Fee (SFC) has unveiled new regulatory steering permitting licensed Digital Asset Buying and selling Platforms (VATPs) and exchange-traded funds (ETFs) to supply staking providers, in keeping with an April 7 assertion.

Locking up tokens with staking to validate transactions in change for rewards is central to blockchain networks working on a proof-of-stake (PoS) system like Ethereum. This course of has attracted institutional and retail buyers, permitting them to earn yields on their staked tokens.

Commenting on the replace, SFC CEO Julia Leung mentioned the choice displays the regulator’s dedication to supporting innovation with out compromising investor safety. She added that consumer asset security should stay on the core of any new crypto service launched underneath the SFC’s watch.

VATP’s staking rule

Underneath the brand new guidelines, VATPs should implement strict inside controls to keep away from errors and cut back dangers linked to staking.

This contains procedures for managing operational dangers, resolving conflicts of curiosity, and making certain transparency in dealing with consumer property.

Crucially, platforms should retain management over all instruments used to entry or withdraw consumer property. So, utilizing third-party custodians for consumer digital property is not going to be allowed.

Nonetheless, if staking providers contain outsourcing any a part of the method, VATPs should conduct correct due diligence and safe prior approval from the SFC.

In the meantime, disclosure necessities have additionally been tightened. Platforms should present purchasers with full data on the staking service, protecting supported property, danger components, lock-up durations, charges, unstaking procedures, and different contractual phrases.

The purpose is to make sure customers perceive the scope of the service earlier than collaborating.

The place third-party involvement is important, comparable to in outsourced staking operations, VATPs should perform due diligence and procure regulatory approval earlier than continuing.

ETFs staking

For ETFs, the SFC will permit staking by means of licensed VATPs or approved establishments (AIs) so long as fund managers comply with strict situations.

These embrace making certain that staking aligns with the fund’s aims, managing dangers successfully, and repeatedly overseeing service suppliers.

Moreover, fund paperwork should disclose the proportion of digital property used for staking, potential returns, related dangers, and bills.

If staking actions considerably alter a fund’s danger profile or funding technique, managers should notify buyers upfront and decide if shareholder approval is required.

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