Month: September 2017

Fintech and Techfin Licensing

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Due to the novel nature of Fintech and Techfin, a business may face legal and regulatory uncertainties. At L&Y we are committed to navigating our clients though the legal and regulatory landscape by leveraging our expertise and experience with the relevant Hong Kong financial regulations. We offer consultancy services for application for various licences in Hong Kong, including but not limited to the Money Services Operators Licence (“MSO”), the Money Lenders Licence (“MLO”), the Stored Value Facilities Licence (“SVF”), Securities and Futures Commission (“SFC”) Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities), Type 5 (advising on futures contracts), Type 6 (advising on corporate finance), Type 9 (asset management) and Type 10 (providing credit rating services) license, and The Hong Kong Monetary Authority (“HKMA”) Virtual Bank License. We also advise clients on the applicability of the relevant securities, futures, anti-money laundering (“AML”)/ counter terrorism financing and data privacy legislation and regulations.

Smart Contracts

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Smart contracts are software implementations of legal contracts.  They enhance the efficiency of the contracting process, a streamlined logistics chain and provide a superior level of security. As part of our commitment to innovation, L&Y is proud to offer smart contract legal services to our clients, we have partnered with well renowned developers to deliver legally enforceable customised smart contracts governed by Hong Kong law. We also assist clients in the implementation of cloud system in their businesses in compliance with personal data privacy laws in Hong Kong.

Initial Coin Offerings

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Initial Coin Offering, Token Sale or Coin sales (“ICO”) is an innovative new way of raising capital for project based ventures. Hong Kong is becoming a strong ICO hub due to its regulatory systems, business friendly tax system, robust corporate services industry and its proximity to the Chinese cryptocurrency market. L&Y was one of the law firms advising the very first public ICO in Hong Kong on a wide variety of issues including regulatory advisory (e.g. whether the token sale would be considered as a collective investment scheme (“CIS”)), marketing, strategy and technology advisory. L&Y works closely with the client’s team to ensure all aspects of the ICO are catered for in a diligent manner.  We believe that our passion for innovation motivates us to deliver considerable added value for our clients and their ICO projects.