Hong Kong to tighten its grip on digital assets

[mlawson71]

The Hong Kong Financial Secretary Paul Chan did his annual speech regarding budget this week and he elaborated on new regulations concerning digital assets that have been put in place recently.
According to Mr. Chan’s speech, the Hong Kong government has decided to expand its regulatory oversight of cryptocurrencies by boosting the Financial Action Task Force (FATF)-recommended anti-money laundering (AML) and counter-terrorist financing (CTF) compliances.
These new regulations are aimed at the virtual asset service providers, also known as VASPS, that operate within Hong Kong territory.
“Hong Kong is the first jurisdiction in the Asia-Pacific region having successfully passed the FATF assessment. The Government will further enhance Hong Kong’s AML/CTF regime having regard to the recommendations of the evaluation report, and consider incorporating virtual asset service providers and dealers in precious metals, stones, and jewelry into the AML/CTF regulatory framework.” Stated Mr. Chan.
Source
Popularity inevitably leads to more regulation, it seems.

[dangtrader]

Originally Posted by mlawson71

The Hong Kong Financial Secretary Paul Chan did his annual speech regarding budget this week and he elaborated on new regulations concerning digital assets that have been put in place recently.
According to Mr. Chan’s speech, the Hong Kong government has decided to expand its regulatory oversight of cryptocurrencies by boosting the Financial Action Task Force (FATF)-recommended anti-money laundering (AML) and counter-terrorist financing (CTF) compliances.
These new regulations are aimed at the virtual asset service providers, also known as VASPS, that operate within Hong Kong territory.
“Hong Kong is the first jurisdiction in the Asia-Pacific region having successfully passed the FATF assessment. The Government will further enhance Hong Kong’s AML/CTF regime having regard to the recommendations of the evaluation report, and consider incorporating virtual asset service providers and dealers in precious metals, stones, and jewelry into the AML/CTF regulatory framework.” Stated Mr. Chan.
Source
Popularity inevitably leads to more regulation, it seems.

Glad that I made right choice and trade with Hotforex currently. FCA regulation is the best!

[mlawson71]

True, FCA is among the most reputable regulators.

[dangtrader]

Originally Posted by mlawson71

True, FCA is among the most reputable regulators.

It is because they are not interested in harbouring shady brokers which will spoil their long-term relationships with clients. They grant licenses only to those brokers which deserve them, like Tickmill or Hotforex