Hong Kong Officials said In order to strengthen Hong Kong’s legal framework for the fight against money laundering and terrorist financing, the Anti-Money Laundering and Counter-Terrorist Funding (Amendment) Bill 2022 has already been read first and second by the Legislative Council.
In accordance with the conditions of this proposal, the Securities and Futures Commission will make the acquisition of a license a prerequisite for operating a virtual asset exchange.
Representative Lu Hanmin said that he had seen a large number of people investing in virtual assets using their mobile devices, but he was afraid that he would not be able to keep track of them since the necessary platforms had been developed in other nations.
As Hong Kong goes forward with clarifying and strengthening its rules on businesses that are related to cryptocurrencies, In Response, Huobi Technology submitted an application to become a licensed virtual asset trading platform.
In addition, according to Lu, the strategy would only monitor professional investors, and it will encourage regular people to make use of platforms that are registered in another country.
What actions the relevant authorities intend to take in response to the current situation Chen Ying-shao, who is the deputy secretary for financial services and the Treasury in Hong Kong, claims that the licensing framework for virtual assets in that city is “advanced”.
Even though the majority of other nations only use the registration system at the moment, the international community is starting to take the relevant regulatory system more seriously. This provides Hong Kong with the foundation for future international cooperation while also emphasizing that it is not intended to restrict investment activities.
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