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.
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Source: https://www.theblock.co/post/193209/hong-kong-amendment-vasp-licensing-regime?utm_source=rss&utm_medium=rss