Hong Kong becomes the first mover on the pressing issue of investor protection as the country passes new legislation to subject crypto exchanges to the same laws as traditional financial institutions.
a new amendment to its anti-money laundering and terrorist financing system to include virtual asset service providers.
The latest legislation will establish a new licensing regime for virtual asset service providers, set to come into effect from June 1, 2023. The new amendment will subject crypto exchange service providers to the same legislation as followed by traditional financial institutions. It means virtual exchanges looking to open a business in Hong Kong will have to go through rigorous AML guidelines and investor protection laws before being granted a license of operation. Unlike most other regulators around the globe, Hong Kong has used the FTX collapse as a way to mitigate regulatory risks associated with centralized exchanges., regulators from around the world have faced public ire for their failure to protect retail investors.
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