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.
Mainland China and Hong Kong Digital Trust & Risk - Financial Services Risk and Crypto Leader, PwC Hong Kong
Tel: + 2289 1190