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    Sonal Shridhar Shinde in Crypto News

    08-Dec-2022 11:51 AM


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    Hong Kong to subject crypto exchanges to the same laws governing TradFi

    Hong Kong’s legislative council has passed a new amendment to its anti-money laundering (AML) and terrorist financing system to include virtual asset service providers.
    Unlike most other regulators around the globe, Hong Kong has used the FTX collapse as a way to mitigate regulatory risks associated with centralized exchanges.
    There has been a growing demand to bring crypto exchanges and service providers under the purview of law and subject them to strict AML and investor protection requirements.
    Related: Could Hong Kong really become China's proxy in crypto?
    Hong Kong has been actively working towards establishing a well-thought regulatory groundwork for the nascent crypto market.
    A policy proposing a regulatory framework and risk-based regulatory direction was published by the Hong Kong government in October under the title ‘Policy Declaration on the Development of Virtual Assets”.
    Source: Cointelegraph