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Hong Kong’s proposed pathway to fully licensing virtual asset exchanges – what, why and what’s next?

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This article was written by Urszula McCormack, Leonie Tear, Evan Manolios and Kellie Tse

The Financial Services and the Treasury Bureau (FSTB) of Hong Kong has launched a Public Consultation on Legislative Proposals to Enhance Anti-Money Laundering and Counter-Terrorist Financing Regulation in Hong Kong (Consultation).  The Consultation aims to enhance the anti-money laundering and counter-terrorist financing (AML/CTF) regime in Hong Kong by amending the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (AMLO).

In this alert, we focus on the proposed licensing of virtual asset exchanges (Proposed Licensing Framework), with a concise summary of the other areas provided at the end.

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Hong Kong’s proposed pathway to fully licensing virtual asset exchanges
What, why and what's next?

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