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Hong Kong Includes Licensing Regime for Crypto Exchanges in New Legislation

Hong Kong’s legislative council has added a new amendment to the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 to accommodate the cryptocurrency industry.

The legislation will essentially introduce a licensing regime for virtual asset service providers (VASPs).

Under the new additions, VASPs seeking to start operations in the region will have to undergo a licensing procedure complying with AML guidelines and investor protection laws. Failing to do so may attract a fine of $5 million and imprisonment for 7 years, according to a report from Colin Wu.

(by Chayanika Deka)

Hong Kong Regulation
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