This year has seen significant developments in Hong Kong as detailed regulatory guidance has been issued to enable institutions to navigate the evolving crypto-asset landscape. With increasing demand to provide virtual asset (VA)-related services and products, the guidance is a welcome step for the industry as it seeks to clarify what firms are able to do in this fast-changing area. In this article, we explore the detailed, and often complex, requirements on intermediaries and banks that wish to engage in VA-related activities. The guidance comes in the form of a [joint circular](/redirection.asp?article_id=1167896&company_id=28&redirectaddress=https://sites-herbertsmithfreehills.vuturevx.com/e/abuypwwmj2x4haq/69f236da-d0fe-416d-b030-d7583806f716) issued by the Securities and Futures Commission (SFC)...