Publication,

Building a legal architecture for the metaverse

HK | EN
Current site :    HK   |   EN
Australia
China
China Hong Kong SAR
Japan
Singapore
United States
Global

Written by Urszula McCormack, Annabel Griffin, Leonie Tear, Hannah Glass, Violet Wong and Nikita Ajwani.

The Financial Action Task Force (FATF) has released its updated guidance to support its recommendations for the global anti-money laundering and counter-terrorist financing framework for virtual assets, virtual asset service providers (VASPs) and their related activities.

Specifically, the "Updated Guidance for a Risk-Based Approach for Virtual Assets and Virtual Asset Service Providers" (FATF VA Guidance) is the culmination of FATF's efforts since the original guidance was published in 2019. At a high level, it demonstrates a heightened focus on rapidly emerging areas.

This alert outlines the key points arising out of the FATF VA Guidance, sharing our views and providing insight on the regulatory approach to virtual assets and VASPs. Importantly, this remains guidance – it will be for each jurisdiction to implement what it considers appropriate for its own market.

DOWNLOAD PUBLICATION
Building a legal architecture for the metaverse
FATF 2021 guidance sets the scene for global policymakers, regulators and industry on virtual assets and decentralised systems

Download

1.83MB, 13 Pages

LATEST THINKING
Insight
Hong Kong is strategically positioned to influence the shift to sustainable finance and drive investment in green technology and infrastructure. One of the chief advantages Hong Kong holds is its potential to act as a super-connector between Mainland China and the global market. Plans made in late 2024 are set to further grow its green debt market and make it a ‘go-to’ for sustainable financing (find more on the Sustainable Finance Action Agenda below).

05 June 2025

Insight
For Japan's energy transition, these agreements are game-changers. In a post-Fukushima context where the country has struggled to balance energy security with decarbonisation goals, corporate PPAs provide a market-based mechanism to finance new renewable capacity outside traditional subsidy schemes. The data centre sector's entrance into this space is particularly noteworthy, as it addresses the dual challenges of powering Japan's digital economy while meeting increasingly stringent corporate environmental commitments.

03 June 2025

Insight
Abolition of MPF Offsetting Arrangement in Hong Kong: Key Impacts and Considerations

12 May 2025