Global Trustee and Fiduciary Services Bite-Sized Issue 3 2025

CRYPTOASSETS SFC Sets Out New Roadmap to Develop Hong Kong as a Global Virtual Asset Hub On 19 February 2025, the Securities and Futures Commission (SFC) outlined 12 major initiatives to enhance the security, innovation and growth of Hong Kong’s virtual asset (VA) market under a five- pillar “ ASPIRe ” roadmap, which stands for A ccess, S afeguards, P roducts, I nfrastructure and Re lationships. The SFC say that the initiatives will streamline access for global liquidity, enable adaptive compliance and product frameworks focusing on security, and drive infrastructure upgrades for traditional finance to tap into blockchain efficiency. Under the roadmap, new frameworks for regulating VA over-the-counter and VA custodian services will be developed, while VA product and service offerings will be expanded. Other measures encompass optimisation of operational requirements for VA trading platforms, combatting illicit activities, investor education and proactive stakeholder engagement. Link to the “ASPIRe” Roadmap here FCA and PSR Report on Digital Wallets On 19 February 2025, the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) published Feedback Statement FS25/1 summarising the feedback received in response to the Call for Information (CfI) on big tech and digital wallets, issued in July 2024. The FCA and PSR say it is clear from the feedback they received that there is plenty of opportunity in the growth of digital wallets – with some challenges and risks, which are already being considered in other jurisdictions such as the European Union and the United States. The purpose of setting out these findings in FS25/1 is so they can be considered by the Competition and Markets Authority (CMA) under the Digital Markets, Competition and Consumers Act. FS25/1 also highlights some of the opportunities that could be achieved through broader adoption of other digital technologies, e.g. authentication and verification services emerging from the UK Digital Identity and Attributes Trust Framework and the launch of a GOV.UK digital wallet, or introduction of a digital pound. The FCA and PSR say they are not planning new in-depth work, but instead will work with others, particularly the CMA and HM Treasury, to continue to monitor developments. Link to FS25/1 here Link to Joint Letter to CMA here Securities Services Bite-Sized Global Trustee and Fiduciary Services QUICK LINKS Issue 3 | 2025 CRYPTOASSETS CSDR EMIR FINTECH FSB OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG T+1 ASIA PACIFIC EUROPE IRELAND LUXEMBOURG NORTH AMERICA UNITED KINGDOM