Blockcrux
  • News
    • Blockchain
    • Regulations
    • AI
    • Scams
  • Crypto
    • Bitcoin
    • Ethereum
    • Altcoin
  • Web3
    • NFT
    • DeFi
  • Press Release
  • Learn
  • Contact
    • Advertising
    • Submit Press Release
Reading: Hong Kong’s New Legislation Includes a Licencing Regime for Cryptocurrency Exchanges
Share
Font ResizerAa
BlockcruxBlockcrux
Search
  • News
    • Blockchain
    • Regulations
    • AI
    • Scams
  • Crypto
    • Bitcoin
    • Ethereum
    • Altcoin
  • Web3
    • NFT
    • DeFi
  • Press Release
  • Learn
  • Contact
    • Advertising
    • Submit Press Release
Blockcrux
  • News
    • Blockchain
    • Regulations
    • AI
    • Scams
  • Crypto
    • Bitcoin
    • Ethereum
    • Altcoin
  • Web3
    • NFT
    • DeFi
  • Press Release
  • Learn
  • Contact
    • Advertising
    • Submit Press Release
Reading: Hong Kong’s New Legislation Includes a Licencing Regime for Cryptocurrency Exchanges
Share
Follow US

Home - Hong Kong’s New Legislation Includes a Licencing Regime for Cryptocurrency Exchanges

Blockchain

Hong Kong’s New Legislation Includes a Licencing Regime for Cryptocurrency Exchanges

Toby
By Toby December 8, 2022 244 Views
Share
Hong Kong's New Legislation Includes a Licencing Regime for Cryptocurrency Exchanges
Hong Kong's New Legislation Includes a Licencing Regime for Cryptocurrency Exchanges
SHARE

To accommodate the cryptocurrency business, Hong Kong’s legislative council has proposed a new amendment to the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022.

Contents
Licensing in Hong Kong Regarding VASPsMaking Retail Crypto Trading Legal

The Act would effectively establish a licencing structure for providers of virtual asset services.

Licensing in Hong Kong Regarding VASPs

VASPs intending to establish a business in the area will now be required to go through a licencing process that complies with AML rules and investor protection legislation According to Colin Wu’s report, failing to do so may result in a $5 million fine and 7 years in jail.

Another component of the new regulations is a crackdown on false cryptocurrency ads. Meanwhile, fraudulent and misleading crypto transactions may result in fines of $10,000,000 and ten years in jail.
The new licencing system will take effect in June of next year.

Despite the fact that the FTX crash sent shockwaves throughout the industry, Hong Kong has been rather positive in the sector.

Making Retail Crypto Trading Legal

Earlier this year, the Hong Kong government intimated that it might implement a required licencing regime for crypto platforms, allowing retail crypto trading. The previous worldwide headquarters of crypto firms such as Amber Group, Binance, FTX and Q9 Capital want to recast themselves as a worldwide cryptocurrency hub.

https://twitter.com/BTC_Archive/status/1600561965965127680

Three asset management firms – Mirae Asset Global Investments, Samsung Asset Management and CSOP Asset Management– recently filed ETF applications to Hong Kong’s Securities and Futures Commission (SFC). The submission came after the SFC said that individual investors might be able to trade in virtual asset-linked ETFs.

TAGGED:Crypto ExchangesCrypto RegulationsHong KongVASPs
Share This Article
Facebook Twitter Email Print

PRESS RELEASE

BlockDAG’s Innovative Keynote 2 Release Drives Growth: Outshining PEPE Price and Floki Inu Potential, Aiming for $10 by 2025

QuillAudits to Host QuillCon Goa and Sparkle as Silver Sponsor of Web3Conf Goa 2023
NOWPayments Introduces New Payment Widget as a New Year Gift for Merchants
BLOCX. Leads the Way With All-in-One Computer Manager and Announces V1.2 Release
CryptoHeap Continues to Expand and Provide Simplified Crypto Staking Participation

LATEST NEWS

ETFSwap (ETFS) Makes History As The First DeFi Platform To Combine Crypto And ETF Investments

ETFSwap (ETFS) Makes History As The First DeFi Platform To Combine Crypto And ETF Investments

Toby Toby September 7, 2024
Major Crypto Exchanges Reassess Token Listings Amid Regulatory Heat
QuickSwap’s “All Roads Lead to Polygon” Podcast Unveils New Community Grants and Governance Model
Shiba Inu Price Could Rise as Exchange Deposits Hit 3-Year Lo w
How You As An Entrepreneur Can Use Video Storytelling To Scale Your Business
Blockcrux Logo blockcrux logo

About Blockcrux

Blockcrux is a web3 news publisher dedicated to delivering the latest, most accurate insights into blockchain and decentralized technologies. Covering everything from cryptocurrencies to NFTs and DeFi, it offers uncensored, real-time news, embodying the transparency and democracy inherent in the web3 ecosystem.

News

  • Blockchain
  • Crypto
  • Web3
  • AI

Help

  • Contact
  • Advertising
  • Submit Press Release
  • Privacy Policy

© Blockcrux News Network. All Rights Reserved.

Follow US on Socials

Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?

Last Updated on December 8, 2022 by Mridul Srivastava