The Anti-Money Laundering and Counter-Terrorist Financing Amendment was approved by Hong Kong’s Legislative Council, principally providing a licensing system for providers of virtual asset services (VASPs).
The Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 further mandates that VASPs maintain records of all transactions in accordance with the standard customer due diligence and record-keeping requirements.
The Hong Kong Monetary Authority confirmed the news in a letter on Dec. 7.
On June 1st, 2023, the new regulations for VASPs are expected to take effect.
The amendment doesn’t just apply to VASPs. Additionally, it introduces a registration process for dealers in precious metals and stones.
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