Funds and asset management.

Would add digital assets, including HKD stablecoins, to the qualifying investments of the tax-exempt regimes for funds and single family offices. Gazetted 12 June 2026; not yet passed.

The current rules for public funds, including spot VA ETFs, with more than 10% VA exposure; supersedes the December 2023 and April 2025 versions.

Confirms advisory and management licences modelled on Type 4 and Type 9, and targets introducing the bill for all four new regimes into LegCo within 2026.

Pilots secondary trading of tokenised public funds on licensed platforms, issued with a revised tokenisation circular; the SFC reported 13 tokenised products with tokenised-class AUM of HKD 10.7 billion.

The Government's first crypto policy statement, setting the same activity, same risk, same regulation principle and opening the way to retail trading and spot ETFs.

Created electronic payment instruments, limiting issuance to banks, trust companies and funds transfer providers and licensing intermediaries. In force since 1 June 2023.

Would rewrite the 2024 User Protection Act as the Digital Asset Industry Development and User Protection Act, adding a development plan and fund, FSC licensing of businesses, registration of token issuances and mandatory disclosure.

Would replace the User Protection Act with a comprehensive law that treats professional and general users differently, add stablecoin issuance and reserve rules, and amend the Capital Markets Act to allow crypto ETFs and derivatives.

Would let crypto assets designated by the FSC serve as the underlying asset of funds and derivatives, with trust companies holding them through qualified custodians: the legal route to spot bitcoin ETFs.

FSC summary of the Act: bank custody of user funds, cold storage and insurance duties, the ban on unfair trading, and FSC/FSS supervisory powers over VASPs.

Sets the detailed rules under the Act, including how exchanges must hold user funds and crypto and handle abnormal transactions.

The central bank, TDCC and nine financial firms tested tokenised domestic bonds, foreign bonds and funds; next steps are rule changes and a tokenised asset platform.

Creates SERC licences for digital asset service providers and agents covering trading, wallets, lending and asset management, with KHR 40 billion minimum capital for trading and sandbox testing before licensing. Khmer text only.

Adopted 31 October 2025 and in force from 10 November 2025. Brings digital asset derivatives under OJK licensing and moves customer funds into segregated accounts held in the clearing house's name at OJK-licensed commercial banks, with 12 months (extendable) to adjust.

The sixth revision, effective 2 March 2026, allows digital currency ETFs that track spot prices of eligible digital currencies. Assets must be bought through SC-registered exchanges or FATF-compliant regulated foreign platforms, and coins built to impede traceability are excluded.

Proposes how tokenised shares, bonds and funds can be offered and dealt in under existing securities law, separate from the digital currency and token regime. Comments closed on 16 June 2025; no final framework had been issued by October 2026.

Reprimands Binance and orders it to disable its website and apps in Malaysia and stop marketing to Malaysians. Investors were advised to stop trading on the platform and withdraw their funds.

Hub for Project Guardian, listing policymaker and industry members, live use cases and the Guardian fund and fixed income frameworks.

Draft rules, following a May 2026 consultation on principles, that would let brokers execute orders and hold client assets through Thai-licensed exchanges and add counterparty, settlement and fund management risk to net capital. Custodians would face tiered custody charges and per-customer wallet segregation.

Draft rules, following an April 2026 consultation on principles, for passive single-asset spot Bitcoin and Ether ETFs with at least 80 percent net exposure, held mainly with Thai-licensed custodians but with qualified foreign custodians allowed where needed. Comments closed on 20 September 2026.

From 1 April 2026, mutual funds may issue units in tokenised form on blockchain, with rules for faster sale and redemption of those units.

Tightens KYC, enhanced due diligence and suspicious transaction reporting across securities and digital asset operators to counter mule accounts and scams.

Rules for domestic and foreign funds offered in or from GMC, relevant to crypto and tokenised-asset fund managers.

Activity-by-activity rules for exchanges, brokers, custodians, lenders, asset managers, derivatives providers and issuers, including limits on margin and leveraged products.

Directed a State Digital Assets Fund at the NBK Investment Corporation to build a strategic crypto reserve, and crypto payments in Alatau City.

The NBK's CBDC page with white papers from the pilot through the first implementation phase. The digital tenge now funds National Fund projects.

Exempts qualifying foreigners' foreign income from personal income tax from 2026 and lets them hold funds in a crypto wallet at a specially authorised Uzbek exchange.

Would stop banks refusing all crypto-sourced funds, replace the automatic NIS 100,000 source-of-funds check with a risk-based test and treat licensed providers as a mitigating factor. Comments closed on 4 August 2026; not yet final as of 5 October 2026.

Lets crypto asset service providers, brokers and portfolio managers onboard non-Turkish nationals remotely with NFC-enabled passports and onboard companies through their authorised representatives. Address checks are required within three months, and no money or crypto may be transferred until the address is confirmed. In force on publication.

Bans the direct or indirect use of crypto assets to pay for goods and services and bars payment and e-money institutions from routing funds to crypto platforms. In force 30 April 2021.

Announces the federal framework for virtual asset service providers and alternative trading system operators (CMA Resolution No. (04/Chairman) of 2026): five modules and eight activities, from dealing and custody to advice, portfolio management and operating a trading facility.

Rules for licensed exchanges on board governance, public disclosures, trading-venue participants, market surveillance, settlement and margin trading. The version effective 31 March 2026 adds a regime for exchange-traded derivatives, with leverage for retail investors capped at 5:1.

Released the Tranche 1a exposure draft for a graduated stored-value facility regime, expressly including stablecoin issuers and wallets that hold customer funds. Superseded by the full Tranche 1 draft of March 2026.

Sets APRA's expectations for banks, insurers and super funds engaging with crypto-assets, and a roadmap toward Basel-aligned prudential rules.

Sets ASIC's expectations for crypto-asset ETPs and funds, including custody, pricing and which crypto assets are suitable underlying assets. This paved the way for listed crypto ETFs.

Proposed guidance on when funds, limited purpose insurers, ILS funds and intermediaries may use recognised stablecoins: fiat-pegged, backed 1:1 by cash or cash equivalents and redeemable at par by the next business day.

Proposes targeted amendments rather than a new regime: one definition of tokenised investments across the investment, fund, DABA and DAIA laws, rules for digital twins and native tokens, and an explicit DAIA exemption for tokenised funds.

Exempts the BMA and Government from DABA, and lets rewards programmes, in-game assets, data storage providers, intra-group activity and funds with a licensed manager claim exemption by notifying the BMA and filing an annual declaration.

Showed 24 VASP licensees, 13 VASP authorised representatives and one sandbox participant at 31 March 2026, alongside 362,165 business companies and 2,242 funds.

Explains when tokens are investments under SIBA, such as fund interests, shares, debt or derivatives, and when pure utility and payment tokens fall outside financial services law. It predates the VASP Act.

Regime for closed-ended private investment funds recognised by the FSC; 447 were registered at 31 March 2026.

Requires BVI companies and limited partnerships carrying on relevant activities, such as holding, financing and leasing, fund management or IP business, to show economic substance in the territory.

Incubator funds are limited to 20 sophisticated private investors and US$20 million of net assets; approved funds to 20 investors and US$100 million.

Licenses investment business and regulates mutual funds and private investment funds. Tokens that qualify as investments, and the funds that hold them, are regulated under it.

Proposes requirements for tokenised mutual and private funds under the March 2026 amendments, covering governance, investor register integrity, transferability, valuation, custody and disclosures.

Excludes digital equity tokens of tokenised mutual funds and digital investment tokens of tokenised private funds from virtual asset issuance, and repeals the 2025 amending Act. Gazetted 24 March 2026.

Adds Part 3B on tokenised mutual funds: operator approval for token transfers, token risk disclosure in the offering document, annual confirmation of record-keeping, and CIMA power to restrict token features.

Creates the parallel framework for tokenised private funds, whose investment interests are represented by digital investment tokens, alongside the existing private fund rules.

Would have excluded tokenised fund interests from the definition of virtual asset issuance, retroactively. It was never brought into force and was repealed by Act 4 of 2026.