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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).

Hong Kong Adopts Change Establishing VASP License System 2

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.

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Annie

Coincu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.