Hong Kong has formally adopted an amendment that proposes to license cryptocompanies

time:2022-12-08 06:33 source:Internet

Hong Kong’s Legislative Council passed an anti-money laundering and anti-terrorist financing amendment that introduces a licensing regime for virtual asset service providers (VASPs).The amendment also applies traditional requirements for customer due diligence and VASP record-keeping for certain transactions.The new rules will take effect June 1, 2023.This is another step in easing regulation of the crypto industry in the city.
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