Despite being rated as “largely compliant” by the Financial Action Task Force (FATF), Hong Kong is looking to “further enhance” its crypto regulatory framework.
In his annual budget speech, Hong Kong Financial Secretary Paul Chan revealed that the former colony will be adding further FATF-recommended anti-money laundering (AML) and counter-terrorist financing (CTF) regulations to its current system.
Promising “detailed proposals,” Chan said that the new regulations will target virtual asset service providers – or VASPS – operating in the region.
“Hong Kong is the first jurisdiction in the Asia-Pacific region having successfully passed the FATF assessment,” Chan said. “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,” he added.
Photo: Chris Brown from Melbourne, Australia
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