Jun. 26, 2024

How Hong Kong’s Virtual Asset Service Provider Regime Tackles Crypto-Related Corruption

The unique characteristics of virtual assets (VAs), including their pseudonymity and decentralized nature, have provided opportunities for criminals. To manage VA risks, a dual-licensing regime for VA trading platforms (VATPs) became effective in Hong Kong in June 2023. VATPs licensed by the Securities and Futures Commission of Hong Kong additionally must comply with guidelines, also issued June 2023, that include specific cybersecurity provisions. In this guest article, Hogan Lovells attorneys examine the risks posed by VAs and how the new regime is designed to protect client monies and promote confidence in the VA industry in Hong Kong. See “Understanding Cyberattacks on Digital Asset Platforms” (May 17, 2023).

A Mock Cyber Incident Tabletop: Day Two and Beyond

Tabletop exercises are a critical tool to help companies consider and prepare for different cyber risks. To guide companies and their counsel through the process, in-house and outside counsel, public relations specialists and cyber forensics experts from Hunton, Joele Frank, Mandiant and News Corp. conducted a mock tabletop exercise during a recent Practising Law Institute program. The exercise focused on the implementation of a hypothetical company’s incident response plan, with advice on the incident’s fallout, in the critical first few days following an attack through the aftermath. This second article in a two-part series covering the key practical details from the presentation addresses events on day two and thereafter. Part one focused on the melee of the first day. See our two-part series on a ransomware tabletop’s 360‑degree incident response view: “Days One to Four” (Jan. 4, 2023), and “Day Five Through Post-Mortem” (Jan. 11, 2023).