A new amendment to Hong Kong’s Anti-Money Laundering (AML) and terrorist financing system, which includes virtual asset service providers, was recently enacted by the legislative council. On June 1st, 2023, a new licensing system for virtual asset service providers will go into effect. As a result of recently passed legislation.
The Financial Secretary of Hong Kong has urged for a greater emphasis on transparency and adequate supervision when dealing with virtual assets, just days after Binance CEO Changpeng “CZ” Zhao warned of the advent of more regulatory scrutiny in the wake of the FTX crash. Paul Chan, Hong Kong’s Financial
Hong Kong is turning toward a friendlier regulatory framework for cryptocurrencies with a plan to authorize retail trading. Retail trading will be permitted via a planned required licensing program for cryptocurrency platforms, which is expected to go into effect in March upcoming year. The plans come despite the city’s skepticism
Consideration is given to local conditions when the regulations are drafted. The Monetary Authority is learning about stablecoin regulation. In response to the ever-increasing uncertainty in the cryptocurrency market, the widespread use of Central Bank Digital Currency (CBDC) has been on the rise. To counter this, Hong Kong has joined
HashKey Capital Limited’s Type 9 asset management license was recently upgraded. The corporation has made clear its intention to work with financial authorities. Investment firm HashKey Capital Limited, part of the HashKey Group, was recently granted permission by Hong Kong’s Securities and Futures Commission (SFC). In order to oversee a
Alder becomes the longest-serving CEO of the commission. Alder’s 11-year term accounts for a third of the commission’s 33-year existence. Hong Kong’s Securities and Futures Commission (SFC) CEO Ashley Alder, who has served in that role since 2011, is resigning in January 2023 to join the Financial Conduct Authority (FCA)
Chinese celebrities enter the NFT world to increase fans engagement. A veteran singer Hins Cheung joined the NFT frenzy. Singers A Duo and Gao Jiafeng, also joined the trend and issues NFTs. Nowadays, the world was filled with technologies and new ideas. In this trendy world majority of the people
NFTs address shared and duplicated digital work. Jacky Tsai, a Shanghai-based artist, designed a floral skull symbol in 2008. NFT initiatives continue to explode in Hong Kong, celebrities join artists in supporting a technology altering how digital art and now movies, purchased and sold. Furthermore, NFTs address shared and duplicated
Crypto scamming is the recent talk of the town which targets a large number of users and finds ways to rob the life savings of people. Notably, Crypto frauds have taken a quantum leap in recent months. Importantly, the Hong Kong Authorities caught 19 international frauds involved in a major
Despite plenty of allegations and criminal charges put forth by many crypto-regulated nations all over the world, Binance now starts a new strategy by withdrawing itself from those countries. Upon such countries, last week Binance announced its shutting down in Italy, Germany, and the Netherlands. Adding to the list, now
