[{"data":1,"prerenderedAt":512},["ShallowReactive",2],{"navbar-cms-data":3,"footer-cms-data":112,"navbar-services-data":148,"$f5dUiCEsa4RN6h0qUL_wTaclhe7T5ylhoZZDGEsMjnbc":372,"$fIGIZ8ON-c4-P3IILxOx9KVKJiOL6iARmB3lUiMeIc_w":416},{"success":4,"data":5},true,{"id":6,"slug":7,"label":8,"show_metadata":9,"content":10,"title":107,"description":107,"keywords":107,"robots_follow":108,"robots_index":109,"og_image_path":107,"created_at":110,"updated_at":111},1,"header_footer","Website: Header and Footer",0,{"section1_logo":11,"section1_btn_text":12,"section1_career_text":13,"section1_guide_text":14,"section2_logo":15,"section2_content":16,"section2_copyright":17,"section2_column_one":18,"section2_column_one_list":19,"section2_column_two":35,"section2_column_two_list":36,"section2_column_three":48,"section2_column_three_list":49,"section2_column_four":58,"section2_column_four_list":59,"section2_footer_nav_list":75,"section3_list":91},"https://boldergroup.sgp1.cdn.digitaloceanspaces.com/cms_images/e63a0316-36b6-4bbe-815c-e4db53ab28cc.png","BGX LOGIN","https://careers.boldergroup.com/","https://resources.boldergroup.com/guides-library","https://boldergroup.sgp1.cdn.digitaloceanspaces.com/cms_images/7e7196ce-6209-410c-a54c-3cdae92fc035.png","Bolder Group is an independent global service provider of corporate, funds, governance and family wealth solutions to asset managers, corporations, multinationals, as well as ultra-high-net-worth individuals. Bolder is present in 20 countries across the Americas, EMEA and Asia.","© 2026 Bolder. All Rights Reserved","SERVICES",[20,23,26,29,32],{"title":21,"link":22},"Governance","/governance",{"title":24,"link":25},"Corporate","/corporate",{"title":27,"link":28},"Funds","/funds",{"title":30,"link":31},"Family Wealth","/family-wealth",{"title":33,"link":34},"Digital Assets","/digital-assets","ABOUT",[37,40,43,46],{"title":38,"link":39},"Who We Are","/about-us",{"title":41,"link":42},"Our People","/our-people",{"title":44,"link":45},"Our Locations","/locations",{"title":47,"link":13},"Careers","RESOURCES",[50,53,56],{"title":51,"link":52},"Blogs & Insights","/resources",{"title":54,"link":55},"Newsletter","https://resources.boldergroup.com/newsletter-subscription",{"title":57,"link":14},"Guides","GET STARTED",[60,63,66,69,72],{"title":61,"link":62},"Set Up Fund","/set-up-fund",{"title":64,"link":65},"Set Up SPV/Company","/set-up-company",{"title":67,"link":68},"Set Up Trust","https://boldergroup.com/set-up-trust-foundation",{"title":70,"link":71},"Get Governance 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method.",{"id":327,"title":328,"slug":329,"link":330,"overview":331},32,"How to Complete Your AFR","how-to-complete-your-afr","/annual-financial-return/how-to-complete-your-afr","Activities and requirements to complete your annual financial return.",{"id":154,"label":86,"slug":333,"services":334},"economic-substance",[335,339,345,351,357,363],{"id":336,"title":310,"slug":311,"link":337,"overview":338},22,"/economic-substance/sign-up-with-email","Create your BGX account using your email address as your primary sign-in method.",{"id":340,"title":341,"slug":342,"link":343,"overview":344},33,"How to Sign Up to BGX with Email","how-to-sign-up-to-bgx-with-email","/economic-substance/how-to-sign-up-to-bgx-with-email","Sign up to BGX with your email as your preferred authentication method.",{"id":346,"title":347,"slug":348,"link":349,"overview":350},34,"How to Sign Up to BGX with SMS","how-to-sign-up-to-bgx-with-sms","/economic-substance/how-to-sign-up-to-bgx-with-sms","Sign up to BGX with your SMS as your preferred authentication method.",{"id":352,"title":353,"slug":354,"link":355,"overview":356},35,"How to Sign Up to BGX with Authenticator App","how-to-sign-up-to-bgx-with-authenticator-app","/economic-substance/how-to-sign-up-to-bgx-with-authenticator-app","Sign up to BGX with your authenticator app as your preferred authentication method.",{"id":358,"title":359,"slug":360,"link":361,"overview":362},36,"Guide to Relevant Activities","guide-to-relevant-activities","/economic-substance/guide-to-relevant-activities","Assess if your activities are subject to Economic Substance regulations.",{"id":364,"title":365,"slug":366,"link":367,"overview":368},37,"Guide to Reporting Periods and Deadlines","guide-to-reporting-periods-and-deadlines","/economic-substance/guide-to-reporting-periods-and-deadlines","When should you file your ES requirements?",{"id":160,"label":370,"slug":238,"services":371},"Digital Asset Services",[],{"data":373,"navigation":411},{"id":374,"title":375,"slug":376,"type":377,"overview":378,"content":379,"featuredImage":107,"thumbnail":380,"imageAlt":381,"readTime":199,"status":382,"publishedAt":383,"is_featured":4,"metaDescription":107,"contactFullName":384,"contactPosition":385,"contactEmail":386,"contactLinkedin":387,"contactImagePath":388,"contactDetails":107,"author":389,"createdAt":391,"relatedItems":392},3770,"Hong Kong’s 2026 Asset Management Overhaul Explained","hong-kongs-2026-asset-management-overhaul-explained","update","Hong Kong’s 2026 tax reforms extend the 0% carried interest concession across all asset classes. See what fund managers need to know.","\u003Ch1>\u003Cspan style=\"color: rgb(0, 0, 0);\">\u003Cspan class=\"NormalTextRun SCXW255610370 BCX8\">Hong Kong’s 2026 Asset Management Overhaul Explained\u003C/span>\u003C/span>\u003C/h1>\u003Cp>\u003Cspan>Hong Kong is implementing a comprehensive overhaul of its financial policies to strengthen its competitive edge across Asian markets. This proactive push comes at a pivotal moment. According to the \u003C/span>\u003Ca target=\"_blank\" rel=\"noreferrer noopener\" class=\"text-blue-600 underline Hyperlink SCXW154352666 BCX8\" href=\"https://www.reuters.com/business/finance/hong-kong-overtakes-switzerland-worlds-top-cross-border-wealth-hub-china-ties-2026-05-27/\">\u003Cspan>\u003Cu>2026 Global Wealth Report\u003C/u>\u003C/span>\u003C/a>\u003Cspan> by the Boston Consulting Group, Hong Kong has officially overtaken Switzerland as the world’s top cross-border wealth hub. Fueled by strong regional ties and an influx of global capital, Hong Kong’s rise to a $2.95 trillion offshore powerhouse underscores the urgent need for an equally robust policy framework. To capitalise on this momentum, a legislative amendment set to be introduced by the Financial Services and Treasury Bureau (FSTB) by mid-2026 will expand the city’s Carried Interest Tax Concession.   \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan>This reform represents a fundamental restructuring of performance‑fee taxation –  transitioning from a highly restrictive framework to a competitive, zero-tax regime for performance fees.  \u003C/span>\u003C/p>\u003Ch2 style=\"text-align: justify;\">\u003Cspan style=\"color: rgb(0, 0, 0);\">\u003Cspan class=\"NormalTextRun SCXW111620512 BCX8\">Benefits for Fund Managers\u003C/span>\u003C/span>\u003C/h2>\u003Cp style=\"text-align: justify;\">\u003Cspan>The 2026 tax update dismantles the historical restrictions of Hong Kong’s 0% concessionary tax rate on carried interest, delivering immediate operational and financial advantages. Crucially, these reforms make Hong Kong the first major financial centre in Asia to introduce tax breaks for individuals on performance bonuses. By extending this 0% tax exemption beyond the company profit tax level directly down to the personal salary tax level, the government has created a highly lucrative environment designed to draw top wealth managers and star investors to set up in the city.  \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan>Additional key advantages include:  \u003C/span>\u003C/p>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cspan>\u003Cstrong>0% Tax Across All Key Asset Classes:\u003C/strong> The 0% tax concession on performance fees is no longer restricted to traditional private equity. It now covers a comprehensive set of asset classes, including public listed shares, private credit, digital assets/crypto, precious metals and foreign real estate. \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cspan>\u003Cstrong>Elimination of the Hurdle Rate:\u003C/strong> Managers are no longer required to meet a government‑mandated minimum‑return benchmark for tax relief eligibility, allowing them to set performance‑fee arrangements based entirely on the fund’s commercial terms.  \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cspan>\u003Cstrong>Streamlined Operational Compliance:\u003C/strong> The requirement for prior Hong Kong Monetary Authority (HKMA) certification is being replaced by a streamlined self-assessment framework, supported by standard Inland Revenue Department reporting.  \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cspan>\u003Cstrong>Explicit Protection for Family Offices:\u003C/strong> Single-investor structures, or “funds‑of‑one,” which serve as the primary vehicle used by Ultra-High-Net-Worth (UHNW) Family Offices, are now explicitly eligible for the 0% rate.   \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cp style=\"text-align: justify;\">\u003Cspan>While performance fees and carried interest receive 0% tax treatment under the new framework, the FTSB clarifies that standard management fees and ordinary corporate bonuses will remain taxable at the standard corporate profits tax rate.  \u003C/span>\u003C/p>\u003Ch2 style=\"text-align: justify;\">\u003Cspan style=\"color: rgb(0, 0, 0);\">Substantial Activity Requirements\u003C/span>\u003C/h2>\u003Cp style=\"text-align: justify;\">\u003Cspan>To qualify for the 0% treatment, fund managers must maintain a measurable economic footprint in Hong Kong, with the IRD enforcing strict minimum compliance thresholds for substance to ensure these incentives attract real operational talent rather than shell structures.  \u003C/span>\u003C/p>\u003Ctable style=\"min-width: 50px;\">\u003Ccolgroup>\u003Ccol style=\"min-width: 25px;\">\u003Ccol style=\"min-width: 25px;\">\u003C/colgroup>\u003Ctbody>\u003Ctr>\u003Ctd colspan=\"1\" rowspan=\"1\">\u003Cp style=\"text-align: left;\">\u003Cspan>\u003Cstrong>\u003Cem>Requirement\u003C/em>\u003C/strong>\u003Cem> \u003C/em>\u003C/span>\u003C/p>\u003C/td>\u003Ctd colspan=\"1\" rowspan=\"1\">\u003Cp style=\"text-align: left;\">\u003Cspan>\u003Cstrong>\u003Cem>Threshold for Compliance\u003C/em>\u003C/strong>\u003Cem> \u003C/em>\u003C/span>\u003C/p>\u003C/td>\u003C/tr>\u003Ctr>\u003Ctd colspan=\"1\" rowspan=\"1\">\u003Cp style=\"text-align: justify;\">\u003Cspan>\u003Cem>Personnel \u003C/em>\u003C/span>\u003C/p>\u003C/td>\u003Ctd colspan=\"1\" rowspan=\"1\">\u003Cp style=\"text-align: justify;\">\u003Cspan>Minimum of 2 full-time, qualified employees physically based in Hong Kong. \u003C/span>\u003C/p>\u003C/td>\u003C/tr>\u003Ctr>\u003Ctd colspan=\"1\" rowspan=\"1\">\u003Cp style=\"text-align: justify;\">\u003Cspan>\u003Cem>Expenditure \u003C/em>\u003C/span>\u003C/p>\u003C/td>\u003Ctd colspan=\"1\" rowspan=\"1\">\u003Cp style=\"text-align: justify;\">\u003Cspan>Minimum of HKD 2 million in annual local operational expenses. \u003C/span>\u003C/p>\u003C/td>\u003C/tr>\u003Ctr>\u003Ctd colspan=\"1\" rowspan=\"1\">\u003Cp style=\"text-align: justify;\">\u003Cspan>\u003Cem>Core Functions  \u003C/em>\u003C/span>\u003C/p>\u003C/td>\u003Ctd colspan=\"1\" rowspan=\"1\">\u003Cp style=\"text-align: justify;\">\u003Cspan>Investment research, risk management, and final trade execution must occur locally. \u003C/span>\u003C/p>\u003C/td>\u003C/tr>\u003Ctr>\u003Ctd colspan=\"1\" rowspan=\"1\">\u003Cp style=\"text-align: justify;\">\u003Cspan>\u003Cem>Management \u003C/em>\u003C/span>\u003C/p>\u003C/td>\u003Ctd colspan=\"1\" rowspan=\"1\">\u003Cp style=\"text-align: justify;\">\u003Cspan>Board meetings and strategic planning must be held in Hong Kong. \u003C/span>\u003C/p>\u003C/td>\u003C/tr>\u003C/tbody>\u003C/table>\u003Cp style=\"text-align: justify;\">\u003Cspan> \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan>Managers must remain cognizant of enhanced anti-avoidance measures. If Hong Kong residents hold a beneficial interest of 20% or more in a fund, the underlying profits may be deemed taxable unless the fund qualifies for specific widely held structural exemptions.  \u003C/span>\u003C/p>\u003Ch2 style=\"text-align: justify;\">\u003Cspan style=\"color: rgb(0, 0, 0);\">Secure Your Fund’s Tax Advantage with Bolder\u003C/span>\u003C/h2>\u003Cp style=\"text-align: justify;\">\u003Cspan>The upcoming legislative changes are expected to prompt alternative investment platforms across Asia to conduct comprehensive audits of fund governance, remuneration design and operational substance to ensure regulatory compliance.  \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan>At Bolder Group, our experienced compliance and fund administration teams are ready to review your framework, manage economic substance requirements and ensure your firm captures the benefits of Hong Kong’s 0% tax regime.  \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan>Align your fund structure and secure your tax optimisation before the rules take effect. Contact your usual \u003C/span>\u003Ca target=\"_blank\" rel=\"noreferrer noopener\" class=\"text-blue-600 underline Hyperlink SCXW265081638 BCX8\" href=\"https://boldergroup.com/contact-us/hong-kong\">\u003Cspan>\u003Cu>Bolder representatives\u003C/u>\u003C/span>\u003C/a>\u003Cspan> today to get started.  \u003C/span>\u003C/p>","https://boldergroup.sgp1.cdn.digitaloceanspaces.com/articles/uploads/GFX-SP-Hong-Kong-2026-Tax-Reforms.png","How Hong Kong’s 2026 Tax Reforms Benefit Fund Managers","published","2026-06-09T15:47:00+08:00","Yuky Yu","Global Lead Digital Asset Service Delivery","yuky.yu@boldergroup.com","https://www.linkedin.com/in/yuky-yu-cpa-cams-ccas-325ba220/","https://boldergroup.sgp1.cdn.digitaloceanspaces.com/articles/uploads/YUKY-YU-12.jpg",{"id":166,"name":390},"Gayzell","2026-06-09T15:44:02+08:00",[393,399,405],{"id":394,"title":395,"slug":396,"type":377,"image":397,"date":398},3030,"Bolder Group appoints new Global Head of Funds","bolder-group-appoints-new-global-head-of-funds","https://boldergroup.sgp1.cdn.digitaloceanspaces.com/articles/uploads/NXvuXm76qtnN38BUbt2LrodXC53z3Wcm9Y2faTpM.jpg","2022-10-24T08:38:00+08:00",{"id":400,"title":401,"slug":402,"type":377,"image":403,"date":404},3031,"Bolder and StegX: Partners in a digital real estate funds sector","bolder-and-stegx-partners-in-a-digital-real-estate-funds-sector","https://boldergroup.sgp1.cdn.digitaloceanspaces.com/articles/uploads/qKHVXPlaXHcrFLdhPrSl3HKpueMtxzYB2YhZGx9R.jpg","2022-11-08T04:36:00+08:00",{"id":406,"title":407,"slug":408,"type":377,"image":409,"date":410},3032,"Bolder Group x Accace: global payroll solutions with local focus","bolder-group-x-accace-global-payroll-solutions-with-local-focus","https://boldergroup.sgp1.cdn.digitaloceanspaces.com/articles/uploads/WIcbcZzeaEqwAWLwv7yWeMYrtCm6TwdrYMgMURL4.jpg","2022-12-15T07:27:00+08:00",{"previous":412,"next":107},{"id":413,"title":414,"slug":415},3769,"Bolder Group Appoints Andreas Liassides as General Manager for Bolder Cyprus","bolder-group-appoints-andreas-liassides-as-general-manager-for-bolder-cyprus",{"data":417,"links":464,"meta":468},[418,424,435,450],{"id":374,"title":375,"slug":376,"type":377,"overview":378,"content":379,"featuredImage":107,"thumbnail":380,"imageAlt":381,"readTime":199,"status":382,"publishedAt":383,"is_featured":4,"metaDescription":107,"contactFullName":384,"contactPosition":385,"contactEmail":386,"contactLinkedin":387,"contactImagePath":388,"contactDetails":107,"author":419,"createdAt":391,"relatedItems":420},{"id":166,"name":390},[421,422,423],{"id":394,"title":395,"slug":396,"type":377,"image":397,"date":398},{"id":400,"title":401,"slug":402,"type":377,"image":403,"date":404},{"id":406,"title":407,"slug":408,"type":377,"image":409,"date":410},{"id":413,"title":414,"slug":415,"type":377,"overview":425,"content":426,"featuredImage":107,"thumbnail":427,"imageAlt":414,"readTime":184,"status":382,"publishedAt":428,"is_featured":4,"metaDescription":107,"contactFullName":107,"contactPosition":107,"contactEmail":107,"contactLinkedin":107,"contactImagePath":107,"contactDetails":107,"author":429,"createdAt":430,"relatedItems":431},"Bolder Group announces the appointment of Andreas Liassides as the new General Manager for Bolder Cyprus.","\u003Ch1>\u003Cspan>Bolder Group Appoints Andreas Liassides as General Manager for Bolder Cyprus \u003C/span>\u003C/h1>\u003Cp style=\"text-align: justify;\">\u003Cspan>Cyprus, 20 May 2026 — Bolder Group announces the appointment of \u003Cstrong>Andreas Liassides\u003C/strong> as the new \u003Cstrong>General Manager for Bolder Cyprus\u003C/strong>. \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan>Succeeding Andria Andreou, Andreas will step into the role after successfully serving as the office’s Assistant Managing Director. He brings a robust background in financial and corporate services to his new position, having previously worked with leading firms including KPMG (Audit & Advisory) and Harneys Fiduciary. Since 2019, Andreas has specialised in corporate services, managing complex family offices, investment structures and cross-border tax planning. His deep industry knowledge and internal familiarity with Bolder’s operations position him perfectly to lead our Cyprus operations forward. \u003C/span>\u003C/p>\u003Ch2 style=\"text-align: justify;\">\u003Cspan>Commitment to Continuity \u003C/span>\u003C/h2>\u003Cp style=\"text-align: justify;\">\u003Cspan>Andria, who has been a pillar of the company for more than 12 years, will remain involved with the business during this transition. To guarantee operational continuity and a seamless experience for our clients and partners, she will serve as a consultant to support a structured handover. \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan>We want to take this opportunity to publicly thank Andria for her outstanding 12-year tenure and the immense contributions she has made to the growth of Bolder Cyprus. At the same time, we warmly congratulate Andreas and look forward to the continued growth of our Cyprus office under his leadership. \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan>For any inquiries regarding this transition or your ongoing corporate services, please feel free to reach out to your usual Bolder contact or contact our Cyprus office \u003C/span>\u003Ca target=\"_blank\" rel=\"noreferrer noopener\" class=\"text-blue-600 underline Hyperlink SCXW242211712 BCX8\" href=\"https://boldergroup.com/contact-us/cyprus\">\u003Cspan>\u003Cu>here\u003C/u>\u003C/span>\u003C/a>\u003Cspan>. \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan> \u003C/span>\u003C/p>\u003Ch2 style=\"text-align: justify;\">\u003Cspan>About Bolder Group \u003C/span>\u003C/h2>\u003Cp style=\"text-align: justify;\">\u003Cspan>Bolder Group is an independent global service provider of corporate, funds, governance and family wealth solutions to traditional & digital asset managers, corporations, multinationals, as well as ultra-high-net-worth individuals. Bolder is present in 24 countries across the Americas, EMEA and Asia. \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan> \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan>For inquiries, please contact: \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan>\u003Cstrong>Jeroen van Zanten\u003C/strong> \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Ca target=\"_blank\" rel=\"noopener noreferrer\" class=\"text-blue-600 underline\" href=\"mailto:jeroen.vanzanten@boldergroup.com\">\u003Cspan>\u003Cu>jeroen.vanzanten@boldergroup.com\u003C/u>\u003C/span>\u003C/a>\u003Cspan> \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan>Global Head of Growth, Marketing & Communications \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan>Bolder Group  \u003C/span>\u003C/p>","https://boldergroup.sgp1.cdn.digitaloceanspaces.com/articles/uploads/GFX-SP-Andreas-Liassides-Announcement-1mb.png","2026-06-08T16:59:00+08:00",{"id":166,"name":390},"2026-06-05T12:32:05+08:00",[432,433,434],{"id":394,"title":395,"slug":396,"type":377,"image":397,"date":398},{"id":400,"title":401,"slug":402,"type":377,"image":403,"date":404},{"id":406,"title":407,"slug":408,"type":377,"image":409,"date":410},{"id":436,"title":437,"slug":438,"type":377,"overview":439,"content":440,"featuredImage":107,"thumbnail":441,"imageAlt":437,"readTime":160,"status":382,"publishedAt":442,"is_featured":4,"metaDescription":107,"contactFullName":384,"contactPosition":385,"contactEmail":386,"contactLinkedin":107,"contactImagePath":443,"contactDetails":107,"author":444,"createdAt":445,"relatedItems":446},3767,"HKSFC Tokenisation Circular: Key Stakeholder Takeaways for Secondary Trading of Tokenised Products","hksfc-tokenisation-circular-key-stakeholder-takeaways-for-secondary-trading-of-tokenised-products","Explore the key implications of the latest Hong Kong SFC circular on tokenised investment products, including practical takeaways for issuers, distributors, VATPs, technology providers and fund administrators.","\u003Ch1>\u003Cspan style=\"color: rgb(0, 0, 0);\">HKSFC Tokenisation Circular: Key Stakeholder Takeaways for Secondary Trading of Tokenised Products\u003C/span>\u003C/h1>\u003Cp>\u003Cspan>On 20 April, the Hong Kong Securities and Futures Commission (SFC) released updated circulars that clarify the regulatory framework governing the \u003C/span>\u003Cstrong>\u003Cspan>secondary trading of tokenised, SFC\u003C/span>\u003C/strong>\u003Cspan style=\"color: rgb(0, 0, 0);\">‑\u003C/span>\u003Cstrong>\u003Cspan>authorised investment products.\u003C/span>\u003C/strong>\u003Cspan> Importantly, these updates preserve the existing mechanisms for primary subscription and redemption, ensuring continuity for market participants. This guidance provides crucial regulatory certainty, demonstrating how tokenisation can be effectively integrated into a well\u003C/span>\u003Cspan style=\"color: rgb(0, 0, 0);\">‑\u003C/span>\u003Cspan>regulated secondary market. This formally allows secondary trading of tokenised products without diluting core investor protection whilst upholding robust investor protections.\u003C/span>\u003Cspan style=\"color: rgb(0, 0, 0);\"> \u003C/span>\u003C/p>\u003Ch2>\u003Cspan>What are the key stakeholder takeaways from the SFC’s latest tokenisation circular?\u003C/span>\u003C/h2>\u003Cp>\u003Cimg src=\"https://boldergroup.sgp1.cdn.digitaloceanspaces.com/articles/content/Tokenisation-Ecosystem-Overview_v3.jpg\">\u003Cstrong>\u003Cspan>Product Providers \u003C/span>\u003C/strong>\u003Cspan> \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan>With tokenisation expanding distribution and liquidity, product providers are also further expected to implement better governance, operational readiness, and transparency.\u003C/span>\u003Cspan style=\"color: windowtext;\"> \u003C/span>\u003C/p>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Secondary liquidity is a managed outcome.\u003C/span>\u003C/strong>\u003Cspan> Issuers are expected to proactively design, implement and continuously monitor liquidity and market-making arrangements for secondary trading. \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Regulatory engagement is part of product lifecycle management.\u003C/span>\u003C/strong>\u003Cspan> Providers are to have an early consultation and ongoing engagement with the SFC. This is critical not just at launch, but also for any material changes to tokenisation structures. Providers must implement escalation frameworks to immediately report material incidents (e.g. technology failures, disruptions in token ownership records or control issues). \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Disclosure must evolve accordingly. \u003C/span>\u003C/strong>\u003Cspan>Issuers must ensure that the offering documents go beyond traditional fund disclosures to clearly explain the available secondary trading channels, liquidity dynamics, price deviation risks, market making and potential trading suspensions or disruptions. \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Primary market remains as the anchor of fair value. \u003C/span>\u003C/strong>\u003Cspan>Providers must maintain robust primary subscription and redemption mechanisms at official net asset value (NAV), ensuring a reliable price preference. They must also enable efficient fungibility and transferability of tokenized products across primary and secondary markets, to prevent fragmentation between tokenised and traditional units. \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>End-to-end accountability remains with the issuer.\u003C/span>\u003C/strong>\u003Cspan> They remain fully accountable for product governance, operational integrity and investor outcomes. This also applies to where tokenisation functions are outsourced to third parties. \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Authorisation status is continuous, not one-off. \u003C/span>\u003C/strong>\u003Cspan>Product providers must ensure that the underlying fund continues to comply with all SFC authorisation requirements. \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Distributors\u003C/span>\u003C/strong>\u003Cspan> \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan>For distributors, tokenisation does not simplify obligations, but it adds a new layer of complexity. As they are required to have stronger client communication, clearer disclosures and more secure integration between traditional fund distribution and digital trading infrastructure.  \u003C/span>\u003C/p>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Enable informed client choice.\u003C/span>\u003C/strong>\u003Cspan> Distributors must clearly guide investors on the differences between primary and secondary trading, along with the relevant risks. They must ensure decisions are based on meeting client suitability, disclosure and investor-protection requirements. \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Full compliance still applies.\u003C/span>\u003C/strong>\u003Cspan> Tokenised products must be distributed under the applicable SFC licensing and conduct requirements.  \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Primary dealing remains core.\u003C/span>\u003C/strong>\u003Cspan> Distributors must continue to process subscriptions and redemption requests, ensuring access to the primary market as the pricing anchor. \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Virtual Asset Trading Platform Operators (VATPs) \u003C/span>\u003C/strong>\u003Cspan> \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan>VATPs are not just execution venues as they are expected to actively safeguard pricing integrity, liquidity and transparency. This forms the backbone of a credible tokenised secondary market, as they oversee making sure of: \u003C/span>\u003C/p>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Prioritizing fair pricing.\u003C/span>\u003C/strong>\u003Cspan> Platforms are expected to implement fair pricing safeguards, such as price deviation controls and alerts where trading prices materially diverge from indicative NAV (iNAV). \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Transparent pricing mechanisms.\u003C/span>\u003C/strong>\u003Cspan> They are required to provide clear disclosures on pricing. This is important to distinguish that primary market transactions are based on official NAV from the fund administrator, while secondary market prices are market-driven and may deviate. \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Actively managing market makers\u003C/span>\u003C/strong>\u003Cspan>. VATPs must conduct due diligence and ongoing monitoring of market makers, including expectations on quoting, spreads and participation, as to guarantee consistent liquidity support. \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Disseminating reliable NAV data.\u003C/span>\u003C/strong>\u003Cspan> Platforms must disseminate timely iNAV updates and the latest official NAV data, with transparent data sources and update frequency to enable informed price discovery among investors. \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Safeguarding Investor onboarding. \u003C/span>\u003C/strong>\u003Cspan>VATPs must ensure appropriate risk disclosures and explicit investor acknowledgement regarding pricing, liquidity and market structure risks, before enabling secondary trading. \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Full trading and surveillance standards.\u003C/span>\u003C/strong>\u003Cspan> VATPs must apply existing trading rules, risk controls and market surveillance measures to tokenised products, covering both pre-trade and post-trade monitoring to ensure fair and orderly markets. \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Technology and Tokenisation Service Providers \u003C/span>\u003C/strong>\u003Cspan> \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan>Service providers are expected to deliver institution-grade, auditable and regulator-ready infrastructure whilst operating under the full accountability of product providers. Being an essential part of the tokenised fund structure, they: \u003C/span>\u003C/p>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Operate as delegated infrastructure providers.\u003C/span>\u003C/strong>\u003Cspan> Technology and tokenisation service providers may perform key outsourced functions, such as token issuance, smart contract execution and ledger administration, but always within a framework defined and overseen by the product provider.  \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Do not assume regulatory responsibility.\u003C/span>\u003C/strong>\u003Cspan> Product providers remain accountable for governance, record-keeping and investor outcomes. This means that service providers must operate under strict oversight and clearly defined mandates. \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Build for auditability, control, efficiency and resilience.\u003C/span>\u003C/strong>\u003Cspan> The infrastructure must support accurate and verifiable ownership records to ensure that regulators and product providers can validate holdings at any time. Tokenisation systems should also incorporate access controls and transfer restrictions to align with regulatory expectations around investor protextion and ownership certainty. While solutions must allow for regulatory access, oversight, inspection and protection are essential to mitigate operational and technology risks. \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Fund Administrator – Key Role in a Tokenised Fund Structure\u003C/span>\u003C/strong>\u003Cspan> \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan>Although fund administrators are not the direct addressees of the SFC circulars, they are just as critical to making a tokenised fund operate smoothly, especially around NAV, register integrity and operational controls. They play a central enabling role in ensuring tokenised funds operate with the same integrity as traditional structures, as they: \u003C/span>\u003C/p>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Anchor pricing on official NAV. \u003C/span>\u003C/strong>\u003Cspan>Administrators remain responsible for producing the official NAV for primary subscriptions/redemptions and must align NAV timing and data governance with all stakeholders. \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Enable transparency without pricing the market.\u003C/span>\u003C/strong>\u003Cspan> By enabling reliable NAV/iNAV inputs and clear valuation cut-offs, administrators support informed secondary trading, without controlling secondary market prices. \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Support controlled token lifecycle processes. \u003C/span>\u003C/strong>\u003Cspan>Administrators play a role in mint and burn workflows, ensuring proper segregation of duties, validation and governance controls are established. \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Coordinate cross-party operations. \u003C/span>\u003C/strong>\u003Cspan>Effective tokenisation requires close coordination across product providers, distributors and VATPs. This includes data flows, cut-off times and exception handling. \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Safeguard records and reconciliation. \u003C/span>\u003C/strong>\u003Cspan>Maintaining accurate books and records is critical. This includes reconciling on-chain token supply with the off-chain fund share register to ensure ownership consistency. \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Cul>\u003Cli>\u003Cp style=\"text-align: justify;\">\u003Cstrong>\u003Cspan>Support onboarding and compliance as necessary. \u003C/span>\u003C/strong>\u003Cspan>Where applicable, administrators may assist with investor onboarding, transaction processing and AML/KYC compliance checks for in-kind contributions. \u003C/span>\u003C/p>\u003C/li>\u003C/ul>\u003Ch2>\u003Cstrong>\u003Cspan>How Can the SFC’s Tokenisation Circular Affect You?\u003C/span>\u003C/strong>\u003Cspan style=\"color: rgb(0, 0, 0);\">\u003Cstrong> \u003C/strong>\u003C/span>\u003C/h2>\u003Cp>\u003Cspan>The SFC’s framework clarifies that tokenisation is no longer experimental. It is already operational. However, success will depend on how quickly and effectively each stakeholder translates guidance into practice.  \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan>The latest circular significantly expands Hong Kong’s tokenisation framework from focusing mainly on issuance and primary dealing to now supporting a secondary trading ecosystem for tokenised investment products. Much greater emphasis is placed on secondary market liquidity, pricing transparency, market monitoring, investor disclosures, and coordination across all stakeholders.  \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan>Ultimately, the framework signals a shift from tokenisation as a limited operational feature to tokenisation as part of a broader, institution-grade market infrastructure. The opportunity is clear, but so is the expectation to move early, align closely with regulators and build with control, transparency and investor protection at the core. From here on, initial action and proactive engagement with regulators are key to staying ahead.  \u003C/span>\u003C/p>\u003Ch2 style=\"text-align: justify;\">\u003Cspan>Partnering with Bolder Group\u003C/span>\u003C/h2>\u003Cp style=\"text-align: justify;\">\u003Cspan>With the SFC’s updated circular now in effect, stakeholders must move decisively to strengthen governance, enhance disclosures and ensure operational readiness across both primary and secondary markets. As tokenised products are realised, stakeholders increasingly need integrated operational, governance, and technology solutions.  \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan>As an independent global service provider, Bolder delivers specialised, institutional-grade services for tokenisation and digital assets, bridging traditional finance with blockchain technology. Our team of experts offers an array of digital assets solutions to help you build early, build right, while navigating this next phase of tokenised markets with confidence. \u003C/span>\u003C/p>\u003Cp style=\"text-align: justify;\">\u003Cspan>Ready to begin building with us? Contact our Bolder representatives \u003C/span>\u003Ca target=\"_blank\" rel=\"noreferrer noopener\" class=\"text-blue-600 underline Hyperlink SCXW110204750 BCX8\" href=\"https://boldergroup.com/contact-us/hong-kong\">\u003Cspan>\u003Cu>here\u003C/u>\u003C/span>\u003C/a>\u003Cspan> to get started. \u003C/span>\u003Cspan style=\"color: rgb(0, 0, 0);\"> \u003C/span>\u003C/p>","https://boldergroup.sgp1.cdn.digitaloceanspaces.com/articles/uploads/Cover-Card_Hong-Kong-SFC-latest-circular_v3.jpg","2026-05-07T18:36:00+08:00","https://boldergroup.sgp1.cdn.digitaloceanspaces.com/articles/uploads/YUKY-YU-11.jpg",{"id":166,"name":390},"2026-05-07T18:51:01+08:00",[447,448,449],{"id":394,"title":395,"slug":396,"type":377,"image":397,"date":398},{"id":400,"title":401,"slug":402,"type":377,"image":403,"date":404},{"id":406,"title":407,"slug":408,"type":377,"image":409,"date":410},{"id":451,"title":452,"slug":453,"type":377,"overview":454,"content":455,"featuredImage":107,"thumbnail":456,"imageAlt":452,"readTime":6,"status":382,"publishedAt":457,"is_featured":4,"metaDescription":107,"contactFullName":107,"contactPosition":107,"contactEmail":107,"contactLinkedin":107,"contactImagePath":107,"contactDetails":107,"author":458,"createdAt":459,"relatedItems":460},3763,"Bolder Group is now an ACCA Approved Employer","bolder-group-is-now-an-acca-approved-employer","Bolder Group is proud to share its global accreditation as an ACCA Approved Employer – Professional Development.","\u003Cp>Bolder Group is proud to share its global accreditation as an ACCA Approved Employer – Professional Development. ACCA (the Association of Chartered Certified Accountants), a globally recognised professional body, awards this recognition to firms that demonstrate a structured, ongoing commitment to professional learning, ethical standards and capability development.\u003C/p>\u003Cp style=\"text-align: justify;\">The accreditation reflects how Bolder Group continuously invests in strengthening the expertise of its people through structured training, mandatory compliance and ethics education, and continued professional development via ongoing education, seminars, and professional training programmes. These efforts are not static initiatives, but part of a wider framework designed to regularly review, challenge and improve how we work.\u003C/p>\u003Cp style=\"text-align: justify;\">For our clients, ACCA Approved Employer status provides clear assurance that professional development at Bolder is intentional and embedded—supporting consistent, well‑governed service delivery across jurisdictions. This reinforces our commitment to improving our capabilities in line with evolving regulatory and client expectations.\u003C/p>\u003Ch1 style=\"text-align: justify;\">About Bolder Group\u003C/h1>\u003Cp style=\"text-align: justify;\">Bolder Group is an independent global service provider of governance, corporate, funds, and family wealth solutions to asset managers, corporations, multinationals, and UHNWIs, with offices across the Americas, EMEA, and Asia.\u003C/p>","https://boldergroup.sgp1.cdn.digitaloceanspaces.com/articles/uploads/BH_Bolder-ACCA-Accreditation_V7.jpg","2026-04-15T17:23:00+08:00",{"id":166,"name":390},"2026-04-15T17:08:42+08:00",[461,462,463],{"id":394,"title":395,"slug":396,"type":377,"image":397,"date":398},{"id":400,"title":401,"slug":402,"type":377,"image":403,"date":404},{"id":406,"title":407,"slug":408,"type":377,"image":409,"date":410},{"first":465,"last":466,"prev":107,"next":467},"https://admin.boldergroup.com/api/articles?type=update&per_page=4&page=1","https://admin.boldergroup.com/api/articles?type=update&per_page=4&page=32","https://admin.boldergroup.com/api/articles?type=update&per_page=4&page=2",{"current_page":6,"from":6,"last_page":327,"links":469,"path":510,"per_page":199,"to":199,"total":511},[470,473,475,477,480,483,486,489,492,495,498,501,503,506,508],{"url":107,"label":471,"page":107,"active":472},"« Previous",false,{"url":465,"label":474,"page":6,"active":4},"1",{"url":467,"label":476,"page":184,"active":472},"2",{"url":478,"label":479,"page":193,"active":472},"https://admin.boldergroup.com/api/articles?type=update&per_page=4&page=3","3",{"url":481,"label":482,"page":199,"active":472},"https://admin.boldergroup.com/api/articles?type=update&per_page=4&page=4","4",{"url":484,"label":485,"page":205,"active":472},"https://admin.boldergroup.com/api/articles?type=update&per_page=4&page=5","5",{"url":487,"label":488,"page":154,"active":472},"https://admin.boldergroup.com/api/articles?type=update&per_page=4&page=6","6",{"url":490,"label":491,"page":160,"active":472},"https://admin.boldergroup.com/api/articles?type=update&per_page=4&page=7","7",{"url":493,"label":494,"page":166,"active":472},"https://admin.boldergroup.com/api/articles?type=update&per_page=4&page=8","8",{"url":496,"label":497,"page":172,"active":472},"https://admin.boldergroup.com/api/articles?type=update&per_page=4&page=9","9",{"url":499,"label":500,"page":178,"active":472},"https://admin.boldergroup.com/api/articles?type=update&per_page=4&page=10","10",{"url":107,"label":502,"active":472},"...",{"url":504,"label":505,"page":321,"active":472},"https://admin.boldergroup.com/api/articles?type=update&per_page=4&page=31","31",{"url":466,"label":507,"page":327,"active":472},"32",{"url":467,"label":509,"page":184,"active":472},"Next »","https://admin.boldergroup.com/api/articles",127,1780991297823]