Hong Kong authorities are considering strengthening regulation of cryptographic companies in order to meet international requirements for anti-money laundering.
More detailed proposals on strengthening regulation will be presented later this year, said Hong Kong Finance Secretary Paul Chan. The new rules may make it difficult to do business in Hong Kong for cryptovite exchanges and over-the-counter trading platforms, as well as brokers, but companies will comply with FATF recommendations.
"Authorised companies need to be aware of international and local developments in order to be able to respond to emerging risks in a timely manner and maintain responsibility for financial innovation. Money laundering and terrorist financing risks need to be effectively managed," local regulator Carmen Chu said last December.
Recall that in the middle of last year, the International Financial Action Task Force (FATF) presented the final version of recommendations on regulation of cryptographic currency and activity of cryptographic services operators. After that, many countries started to adopt laws to regulate cryptocurrency based on these recommendations.
Comments
Post a Comment