On Feb. 26, Hong Kong’s monetary secretary Paul Chan acknowledged that his administration will strengthen its Anti-Cash Laundering (AML) and Count
On Feb. 26, Hong Kong’s monetary secretary Paul Chan acknowledged that his administration will strengthen its Anti-Cash Laundering (AML) and Counter-Terrorist Financing (CTF) insurance policies concerning cryptocurrencies.
In his latest budget speech, Chan indicated that the amendments will handle suggestions made by world monetary watchdog, the Monetary Motion Job Drive (FATF).
New laws to have an effect on crypto exchanges, valuable metals sellers
The FATF assessed that Hong Kong was “largely compliant” with its AML/CTF pointers following a September 2019 evaluation. The evaluation noticed Hong Kong change into the primary jurisdiction within the Asia-Pacific area to go the FATF’s appraisal.
The proposed modifications to Hong Kong’s AML/CTF insurance policies have been put ahead as a part of the federal government’s 2020–21 funds, and will likely be handed into legislation following a interval of public session.
Chan indicated that the amendments will predominantly have an effect on cryptocurrency exchanges and remittance service suppliers, including that “detailed proposals” will likely be printed later this 12 months.
Sellers in valuable metals, stones, and jewellery may also be introduced beneath the brand new AML/CTF framework.
Abu Dhabi modifications crypto laws to align with FATF
On Feb. 24, the Monetary Providers Regulatory Authority, one among three regulators overseeing the Abu Dhabi World Market (ADGM), introduced amendments to its crypto laws. The modifications embrace altering the time period “crypto asset” to “digital asset” to align with FATF vocabulary.
The ADGM may also develop its regulatory class of “Working a Crypto Asset Enterprise” to deal with different regulated actions that relate to crypto companies together with custody companies, working a buying and selling facility and dealing in investments.
Abu Dhabi and Hong Kong comprise the most recent jurisdictions to update their crypto laws in response to latest FAFT directives, following South Korea, Singapore, and Switzerland.