New law to introduce a licensing regime for crypto exchanges in Hong Kong.
The respective changes to the region’s anti-money laundering rules have been submitted to its legislature while a recently published report examines relevant threats.Amendments designed to govern the cryptocurrency market in Hong Kong have been presented to the members of the Legislative Council of China’s special administrative region.
Entities working with cryptocurrencies that want to launch a trading platform, for example, would have to obtain a license from the Hong Kong Securities and Futures Commission and fulfill a number of requirements. The proposal takes into account the recommendations of the Financial Action Task Force on Money Laundering which sets the global standards in the field.
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