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Hong Kong Amends Anti-Money Laundering Bill to Include Crypto

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Hong Kong: Hong Kong is amending its Anti-Money Laundering Bill to Include cryptocurrency following the collapse of the cryptocurrency exchange FTX in November 2022. In its “Policy Declaration on the Development of Virtual Assets,” the Hong Kong government has suggested a regulatory framework and risk-based strategy. The government has suggested several pilot projects to evaluate and improve the technology enabling virtual assets. Before the exchange’s collapse in early November, Hong Kong had begun to ease its strict rules and had created a more welcoming atmosphere for cryptocurrencies.

The collapse of FTX has put global regulators under immense pressure to act quickly to address the new crypto assets. While some nations are favoring stricter controls, others want policies more favorable towards crypto assets.

Countries around the world are gearing up to enact crypto regulation with a variety of objectives, including safeguarding investors’ money and keeping up with technological advancements.

According to Vaishali Moitra, Analyst at Quadrant Knowledge Solutions “In the wake of FTX fallout, few nations like Hong Kong and France are set to tighten the rules concerning crypto firms. In Hong Kong crypto providers will be subjected to the same AML and CFT laws as traditional firms from June 2023. Similarly, France is pushing for mandatory licensing for crypto service providers. 2023 might see a few more countries joining the bandwagon towards tighter crypto regulations and others favoring pro-crypto regulations

Author:

Vaishali Moitra, Analyst at Quadrant Knowledge Solutions