Ronald Leung’s original, dated commentary is reproduced below. Views, invitations and product references reflect the time of publication; they are not investment advice, an offer, a guarantee of return or confirmation of current availability.
Many people assume Hong Kong has no rules for tokenised gold yet. It does, and has for a few years.
They sit in the anti-money-laundering ordinance (Cap. 615).
Section 53ZTZ covers what the law calls a "precious-asset-backed instrument". In plain words: anything backed by real gold (or other precious metals and stones) that gives the holder a claim to it.
Whether that claim is recorded on paper or on a blockchain doesn't change the category.
The same section also says what it is not: -> not a security, futures contract or fund -> not a structured product or derivative -> not a virtual asset
If a product turns into one of those, a different set of rules applies. Businesses dealing in the instrument itself register with Hong Kong Customs.
So Hong Kong's law here is already fairly complete.
Disclosure: Esperanza operates a tokenised gold business. — Let's open the statute. A new breakdown every week.