In this Newsletter:
- Regulatory Developments
- Payment Market Developments
- Surveys and Reports
Hong Kong: FSTB publishes consultation conclusions on virtual asset services providers licensing regime
On 21 May 2021, the Financial Services and the Treasury Bureau (FSTB) published conclusions to its November 2020 consultation on introducing a new licensing regime for virtual asset services providers. According to the conclusions, the new licensing regime will be introduced through an amendment of the existing Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). The plan is for the amendment bill to be introduced into the Legislative Council in the 2021-22 legislative session.
Under the proposal, the business of operating a virtual asset (VA) exchange will be a “regulated activity” under the AMLO, and any person operating a VA exchange will be required to apply for a licence from…