Hong Kong authorities are considering strengthening regulation of cryptocurrency companies tocomply with international anti-money laundering requirements.
According to Hong Kong Finance Secretary PaulChen (Chan), more detailed proposals to strengthen regulation will be presented later this year. The new rules may make it harder to do business in Hong Kong for cryptocurrency exchanges and over-the-counter trading floors, as well as brokers, but companies will comply with FATF recommendations.
“Authorized companies must be in the knowinternational and local events in order to timely respond to emerging risks and maintain responsibility for financial innovation. We need to effectively manage the money laundering and terrorist financing risks, ”said Carmen Chu, head of local regulator, last December.
Let us remember that in the middle of last yearThe International Financial Action Task Force (FATF) has presented the final version of recommendations for regulating cryptocurrencies and the activities of operators of cryptocurrency services. After this, many countries began to pass laws to regulate cryptocurrencies based on these recommendations.
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