The Hong Kong Monetary Authority (HKMA) has recently published two detailed guidance letters to all authorized institutions (AIs) in its domain. By doing so, these communications also set the regulatory requirements and standards for the tokenization and custody of digital assets, which represents a significant step towards harmonizing the rapidly growing tokenization area with the existing financial practices and international norms.
HKMA’s Tokenization and Custody Standards
One of the two letters addresses the depositary function of digital assets, demanding AIs follow the criteria that align with the global best practices in management. These criteria cover eight vital aspects, governance, risk management, and asset segregation.
The HKMA stresses that the senior management and staff involved in custody should have the necessary experience for their duties to be carried out efficiently.
Additionally, the letter emphasizes the importance of AIs initiating discussions with the HKMA a
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