Hong Kong’s legislative council has made a new amendment to its anti-money and terrorist financing (AML) protocols to include virtual asset service providers (VASP).
In the new amendment text published by the legislature, From 1 June 2023 It was stated that a new licensing regime was established that will come into effect from Crypto service providers under the new regime traditional financial institutions with same to legislation sure will.
Those who want to operate in Hong Kong within the scope of the legislation VASPtimes of AML of the instructions and meet the requirements of investor protection laws. Cryptocurrency exchange of regulators by investors FTX’s bankruptcy It was alleged that he put these AML procedures into action by
Hong Kong has an intense work on regulating cryptocurrency markets. at a recent conference new regulations about to tips place was given. Hong Kong officials presented global virtual asset service providers during the FinTech week in October. ready to invite to the city stated that they were.