Peru issues VASP regulations to control and prevent criminals from using virtual asset platforms for illegal purposes
According to Bitcoin.com, the Peruvian Banking and Insurance Superintendent (SBS) issued a resolution requiring virtual asset service providers (VASPs) to implement KYC and anti-money laundering (AML) measures as part of a compliance program. The resolution is in line with FATF recommendations and aims to control and prevent criminals from using these platforms for illegal purposes.The resolution stipulates that VASPs operating in Peru must appoint a compliance officer and implement a system of anti-money laundering (AML) and terrorist financing (TF) measures. In addition, Peruvian exchanges must now adopt an effective "KYC" policy and establish due diligence steps to achieve this goal.Additionally, the new rules require VASPs to obtain identity and additional data from users engaging in transactions over $1,000, effectively forcing these providers to implement Travel Rule compliance as “all transfers of virtual assets must be treated as electronic transfers.”
Taiwan Mobile receives VASP license, entry to crypto market
Taiwan’s second-largest telecom has found a way into the crypto market, bring resources and experience with it.
Nano Labs founder: The withdrawal of VASP license application by leading exchanges is not a good thing for the development of Web3 in Hong Kong
Jack Kong, founder of Nano Labs, director of Hong Kong Cyberport Management Company Limited, and member of the third-generation Internet development team in Hong Kong, stated in a post on X platform that major exchanges have withdrawn their VASP (Virtual Asset Trading Platform) license applications from Hong Kong. This will not have a significant impact on these exchanges, but it is not good for the development of Web3 in Hong Kong. The US Securities and Exchange Commission has already followed the trend, and Hong Kong regulatory agencies must keep up. Otherwise, the difficulty of developing Web3 in Hong Kong will greatly increase. Of course, we still firmly believe in Hong Kong and will continue to express policies that are beneficial to Hong Kong's development.
Hong Kong VASP platforms that have not submitted applications after the expiration of the transition period may go overseas or operate underground
According to industry insiders, Hong Kong virtual asset trading platform (VASP) license applicants include exchanges that previously held the No. 1 and No. 7 licenses. There are many companies operating over-the-counter (OTC) virtual asset trading outside the market, such as virtual currency exchange shops. The Hong Kong Financial and Treasury Bureau has previously consulted on the regulation of virtual asset OTC. The insider expects that after the transition period expires, if the existing platforms operating in Hong Kong have not submitted their applications, they may either end their business in Hong Kong or continue operating overseas or even underground.
