TechFlow reports that the Hong Kong government has announced it will launch a public consultation on legislative proposals to establish a licensing regime for virtual asset over-the-counter trading service providers.
Key elements of the proposal include: any individual or entity providing, as a business, spot trading services between virtual assets and money in Hong Kong must obtain a license from the Commissioner of Customs; granting the Commissioner of Customs authority to supervise licensed operators' compliance with anti-money laundering and counter-terrorist financing requirements; and introducing transitional arrangements to ensure effective implementation of the regulatory regime.
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