This is how much money you must have to trade in virtual assets according to Hong Kong’s new rules

The Securities and Futures Commission (SFC) of Hong Kong has issued new regulations for fund managers investing in virtual assets.

The new regulations stipulate that the fund managers investing in crypto assets must have at least HK$3m, roughly equal to $382,000, of liquid capital before they are allowed to trade.

Virtual asset fund manages should also ensure they have both the human and technical resources available for the proper performance of their duties. Exactly how vast these resources should be depends on how big the fund is.

Virtual asset fund managers must also ensure they have put in place “satisfactory internal controls and written compliance procedures which address all applicable legal and regulatory requirements” and “implement appropriate monitoring systems”.

Moreover, traders must also appoint an independent compliance officer who will report directly to the fund manager’s senior management.

The SFC also outlines what virtual asset managers must do to live up to anti-money laundering, counter-terrorist financing, audit and delegation requirements.

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