Key changes include permitting licensed firms to offer staking services, as well as “use off-platform execution channels, and facilitate subscriptions / redemptions in virtual assets, giving institutions and investors greater flexibility. At the same time, retail clients remain protected through knowledge tests, suitability checks and strict custody standards,” Don said, stressing that protection of retail customers was a key goal. Emphasizing his optimism for the territory’s prospects to Regulatory Ramblings host Ajay Shamdasani, Don noted that such updates “show how Hong Kong is balancing innovation with trust, reinforcing its role as a leading global hub for regulated digital assets and institutional adoption.” Don pointed out that Appendices A and B of the circular provide the updated licensing and compliance terms. “These refinements balance market development with safeguards, further cementing Hong Kong’s role as a global hub for regulated digital assets,” he said. Don concludes his remarks by stating the right balance has been struck between market development with adequate guardrails, while also providing room for growth and innovation of Hong Kong’s digital assets market and promotion of its position as a well-regulated global hub. Following that, we talk to Philippa, who shares a little bit about her personal and professional background, telling us about her roots in Australia, what drew her to the legal profession and ultimately, to careers in compliance, consulting and entrepreneurship. We then dive into the rapid increase in wealth within post-pandemic Singapore – particularly from the arrival of wealthy mainland Chinese high net worth individuals (HNWIs) – and what that has meant for greater regulatory scrutiny in the Lion City’s private banking, wealth management and family office sectors. Against such a backdrop, Philippa shares her impressions of Singapore’s evolving regulatory landscape, the importance of robust compliance and how firms there can proactively adapt their strategies to navigate such heightened expectations, while also maintaining client trust and operational excellence. The discussion then turns to how HNWIs individuals from mainland China often have ties to the government. Philippa remarks on when they should be presumed to be politically exposed persons (PEPs), what risks being a PEP entails and when a former PEP is no longer considered to be as such. As she stresses, the label and designation should not be applied to expansively. The conversation concludes with Philippa commenting on the efficacy of the UK’s Financial Conduct Authority’s (FCA’s) recently opened APAC office in Australia.