On 31 October 2022, the Financial Services and the Treasury Bureau issued a Policy Statement on Development of Virtual Assets in Hong Kong, in which the Government expressed its commitment in facilitating a sustainable and responsible development of virtual assets innovations in Hong Kong by putting in place measures that are in line with international standards to mitigate actual and potential risks on financial stability, consumer protection and money laundering and terrorists financing.

Non-fungible token (“NFT”) is one of the most widely known form of virtual assets and has gained much popularity after its breakout in 2021. The NFT market has attracted over billion dollars of investment worldwide. Nonetheless, consumers and issuers are reminded to constantly bear in mind the risks involved when investing in NFTs.

Our Manging Partner, Alan Chiu, Partner, Charles To and Trainee Solicitor Kelly Kwan wish to take this opportunity to demystify some concerns our readers may have about NFTs. Please read the full article if you wish to know more.