Overview

• The new rules took effect immediately on August 15 and require cold-wallet infrastructure, air-gapped signing devices, strict address whitelisting and real-time security monitoring.
• Platforms must appoint a designated Responsible Officer or Manager-in-Charge to oversee custody governance, internal controls and risk management.
• Oversight will extend beyond exchanges to include OTC desks and third-party custodians under the SFC’s ASPIRe strategy.
• A public consultation on licensing standalone custodians and asset transfer instruments is open until August 29 ahead of proposed legislation.
• Firms face near-term compliance upgrades and higher application and annual fees under a user-pays model but could benefit from greater institutional trust and regional competitiveness.