The upcoming virtual assets service provider regime for Hong Kong

July 2022

On 24 June 2022, the Hong Kong Government published in the Gazette the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 (the ‘Amendment Bill’). To combat emerging money laundering and terrorist financing (‘ML/TF’) risks posed by the increasing adoption of virtual assets (‘VA’), one of the main focuses of the Amendment Bill is to introduce a new licensing regime (‘VASP Licensing Regime’) for virtual asset service providers (‘VASPs’).

In this article, we undertake a review of the VASP Licensing Regime and share some of our insights on its potential impact on the VA market and its participants in Hong Kong.

Contact us

Gaven Cheong

Partner, Tiang & Partners

Tel: +[852] 2833 4993

Duncan Fitzgerald

Mainland China and Hong Kong Digital Trust & Risk - Financial Services Risk and Crypto Leader, PwC Hong Kong

Tel: +[852] 2289 1190

Peter Brewin

Partner, PwC Hong Kong

Tel: +[852] 2289 3650

Adrian Clevenot

Associate Director, PwC Hong Kong

Tel: +[852] 2289 5522

Brent Sellors

Associate Director, PwC Hong Kong

Tel: +[852] 2289 2454

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