Hong Kong is New licensing system A cryptocurrency exchange that imposes the same anti-money laundering (AML) and anti-terrorist financing laws on its providers that traditional financial institutions follow
See related articles: Hong Kong financial services provider gears up for retail crypto traders
quick facts
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The bill, passed Wednesday, includes all virtual asset service providers and is expected to come into force from 1 June.
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Once the bill takes effect, cryptocurrency exchanges looking to set up shops in Hong Kong will be required to conduct due diligence on their clients to meet Hong Kong’s AML and anti-terrorism financing standards before being granted a license. Must show ability to perform.
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on Wednesday, report Hong Kong’s Securities and Futures Commission (SFC) said it plans to allow retail investors to trade select cryptocurrency groups, according to Reuters. forbidden From Access to Digital Assets in 2021.
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Hong Kong last year Relaxed some restrictions Private Investors in Crypto, and in their Annual Fintech Week 2022 In November, financial authorities indicated that they want Hong Kong to emerge as a digital asset hub.
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But in the aftermath billion dollar collapse Sam Bankman-Fried’s FTX cryptocurrency exchange is under global pressure on regulators around the world to crack down on the industry and protect retail investors.
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Elizabeth Wong, a senior official at Hong Kong’s SFC, said in October that the planned licensing scheme would support the orderly and sustainable development of the digital asset space while balancing investor protection.
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in discussion panel In December, Hong Kong Monetary Authority Chief Executive Officer Eddie Yue said the city will implement cryptocurrency investor protection laws and stablecoin Rules.
See related articles: One country, two systems?Hong Kong looks to diverge from China in digital assets
