Hong Kong Adopts Change Establishing VASP License System
The Anti-Money Laundering and Counter-Terrorist Financing Amendment was approved by Hong Kong’s Legislative Council, principally providing a licensing system for providers of virtual asset services (VASPs).
The Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 further mandates that VASPs maintain records of all transactions in accordance with the standard customer due diligence and record-keeping requirements.
The Hong Kong Monetary Authority confirmed the news in a letter on Dec. 7.
On June 1st, 2023, the new regulations for VASPs are expected to take effect.
The amendment doesn’t just apply to VASPs. Additionally, it introduces a registration process for dealers in precious metals and stones.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu