Hong Kong’s Legislative Council passed an Anti-Money Laundering and Counter-Terrorist Financing amendment primarily introducing a licensing regime for virtual asset service providers (VASPs).
Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 also applies traditional customer due diligence and record-keeping requirements to VASPs when conducting certain transactions.
The Hong Kong Monetary Authority confirmed the news in a letter on Dec. 7.
The new rules for VASPs are scheduled to commence on June 1, 2023.
The amendment does not exclusively deal with VASPs. It also establishes a registration regime for precious metals and stones dealers.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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