The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

Chinese Firms to Test Crypto Opportunities in Hong Kong

n-img-chinese

Chinese Security companies and banks are attracted by Hong Kong’s retail trading in Bitcoin and Ethereum.

Hong Kong’s campaign to become the regional cryptocurrency hub has attracted several businesses from China to explore opportunities in the sector, despite Beijing’s crackdown on digital assets. According to lawyers and consultants, the interested parties include Chinese security firms and FIs of the possibility that retail trading in bitcoins and Ethereum will be allowed on two licenced exchanges of Hong Kong, HashKey and OSL. 

Yu Jianing, the person who arranges junkets for mainland startups travelling to Hong Kong, stated that he has signed up over 500 investors and entrepreneurs to identify opportunities in crypto and other blockchain businesses, known as Web3.

UWeb mainland entrepreneurs took part in five days of the meeting, on a tour arranged by Yu Juaning’s company. UWeb heads incubator programs and officials from Invest Hong Kong, the government arm aimed at attracting foreign investments. 

Yu stated, “I have had many people reach out to me about establishing startups in Hong Kong tax incentives and talent.”

For now, investors with $1 million in assets can trade crypto in licensed Hong Kong exchanges. However, SFC (Securities and Futures Commission) proposed changes last month to clear the way for retail crypto trading in the region. 

Hong Kong’s charm offensive to attract web3 firms contrasts with challenging approaches to crypto that have been unveiled in many other financial capitals following the FTX collapse.

Xiaoba, a Chinese cryptocurrency entrepreneur stated, “It is a grey area in the mainland, there is clarity and a sense of safety in Hong Kong that would allow me to flourish.”

Joshua Chu, Hong Kong’s cryptocurrency advisor, stated, “Hong Kong is likely to take the lead and be a test bed, China will likely build on the Hong Kong experience and roll out one with Chinese characteristics for the mainland.”

Cyrus Ip, Hong Kong crypto fund Newman Capital partner, stated that he has seen a sudden rise in inquiries from entrepreneurs since SFC moved to relax regulations in October 2022. He added, “Some want to apply for licences and expand their business, For startups, they may want to fundraise or form a team here.”

The OSL exchange is working with two security brokers in assisting professional investors trading crypto, including the US company Interactive Brokers and Hong Kong-based Victory Securities. 

Suggested Read:

GERMAN AUTHORITIES SHUT DOWN CHIPMIXER ON SUSPICION OF LAUNDERING $2.9B WORTH OF BITCOINS

Related Posts

News

Effective Measures are Needed to Tackle Money Laundering and Terrorist Financing, Says EMLCU’s Head

The Union of Arab Banks arranged the three-day anti-money laundering and terrorist financing even...

Effective Measures are Needed to Tackle Money Laundering and Terrorist Financing, Says EMLCU’s Head Explore More

News

Russian Government Bans New Crypto Website for ‘Promoting Money Laundering’

The Russian government has banned the new website Bits.media for allegations of promoting illicit...

Russian Government Bans New Crypto Website for ‘Promoting Money Laundering’ Explore More

News

US Sanctions Russian Crypto Firm Over Ransomware Payments

Suex, a Russian crypto OTC broker, was involved in facilitating ransomware payments and has been ...

US Sanctions Russian Crypto Firm Over Ransomware Payments Explore More

News

EU Lawmakers to Initiate Discussions on AML Laws for Bitcoin, Ethereum & More

The EU’s parliament, commission, and council are set to initiate discussions on the issue of anti...

EU Lawmakers to Initiate Discussions on AML Laws for Bitcoin, Ethereum & More Explore More

News

Ransomware attacks three US universities

A ransomware group has successfully stricken three universities within the week. They claim that ...

Ransomware attacks three US universities Explore More

News

Bitcoin scam exposes thousands to a data breach

Fraud websites have successfully stolen the personal records of a number of individuals from the ...

Bitcoin scam exposes thousands to a data breach Explore More

News

Japan Launches a Three-Step Plan for Introducing Digital Yen

After the announcement of the Bank of Japan to introduce digital Yen by 2021, the statement by Ko...

Japan Launches a Three-Step Plan for Introducing Digital Yen Explore More

News

Pandemic Fraud Crackdown: US Bank Employees Indicted Over Document Fraud

Bank employees and tax preparers fraudulently applied for $3M+ in pandemic relief loans through f...

Pandemic Fraud Crackdown: US Bank Employees Indicted Over Document Fraud Explore More

News

Botswana Passes New Cryptocurrency Bill, Aiming to Curb Money Laundering

Another African country, Botswana has taken a significant step towards regulating cryptocurrency ...

Botswana Passes New Cryptocurrency Bill, Aiming to Curb Money Laundering Explore More

News

Finance Minister Şimşek States Turkey will Devote Itself to the Prevention of Money Laundering

Deputy Treasury and Finance Minister Mehmet Şimşek stated that Türkiye would counter terrorist fi...

Finance Minister Şimşek States Turkey will Devote Itself to the Prevention of Money Laundering Explore More

News

BSA-AML Compliance Group Disclose Names of Annual Gaming Conference Speakers

The BSA-AML Compliance group has revealed the names of the speakers attending the annual gaming c...

BSA-AML Compliance Group Disclose Names of Annual Gaming Conference Speakers Explore More

News

Small Business Group Sues Treasury Department Over ‘Money Laundering Transparency Initiative’

A small business lobbying group has sued the Treasury Department over asking more than 30 million...

Small Business Group Sues Treasury Department Over ‘Money Laundering Transparency Initiative’ Explore More

News

Russians Approach UAE’s Crypto Firms in Search of Safe Havens

The UAE’s crypto firms and real estate sector are being used by Russians as safe havens to liquid...

Russians Approach UAE’s Crypto Firms in Search of Safe Havens Explore More

News

Sri Lanka removed from the high-risk money-laundering list

COLOMBO – Sri Lanka was recently removed from the list of high-risk countries for money lau...

Sri Lanka removed from the high-risk money-laundering list Explore More

News

Taiwan FSC to Ease Authentication Rules through Biometric Verification

According to new rules, banks will be using biometric authentication methods to fulfil ID authent...

Taiwan FSC to Ease Authentication Rules through Biometric Verification Explore More

News

CIBC Fined C$1.3M by Canadian Anti-Money Laundering Authority

Canadian regulatory authorities imposed a $1.3m penalty on the Canadian Imperial Bank of Commerce...

CIBC Fined C$1.3M by Canadian Anti-Money Laundering Authority Explore More

News

Philippines’ Anti-Money Laundering Counsel Increases AML Measures for Casino Junkets

The Philippines’ Anti-Money Laundering Counsel (AMLC) has stated that it is currently impro...

Philippines’ Anti-Money Laundering Counsel Increases AML Measures for Casino Junkets Explore More

News

Deutsche Bank AG Settles Money Laundering Probe Worth $7.1 Million

Deutsche Bank AG settled a money laundering case of $7.1 million over the probe by Frankfurt pros...

Deutsche Bank AG Settles Money Laundering Probe Worth $7.1 Million Explore More

News

South Korea’s Telecom Giant to Introduce Blockchain Wallets for Official Documents

SK Telecom, a South Korean telecom giant, has announced its first e-wallet for digitally storing ...

South Korea’s Telecom Giant to Introduce Blockchain Wallets for Official Documents Explore More

News

Guyana Completes Money Laundering and Terrorist Financing Report Afore CFATF Assessment

Guyana has completed its second money laundering and terrorist financing National Risk Assessment...

Guyana Completes Money Laundering and Terrorist Financing Report Afore CFATF Assessment Explore More

News

Lloyds Bank of UK Issues Warning Over Increasing Threat of Crypto Scams

Lloyds Bank revealed a rise in cryptocurrency investment scams and reported a 23% increase compar...

Lloyds Bank of UK Issues Warning Over Increasing Threat of Crypto Scams Explore More

News

SEC Ramps Up Efforts to Tackle Identity Theft in the Captial Market

The Securities and Exchange Commission (SEC) has noted that the Identity Management System will d...

SEC Ramps Up Efforts to Tackle Identity Theft in the Captial Market Explore More

News

FATF puts Morocco on the Gray List for Pervasive Money laundering

Financial Action Task Force, the global regulatory watchdog for money laundering, has placed Moro...

FATF puts Morocco on the Gray List for Pervasive Money laundering Explore More

News

SEC Orders Finance, Lending Companies to Submit AML Plans by 21 June

Philippine’s SEC has ordered all financing and lending companies to submit their plans for the im...

SEC Orders Finance, Lending Companies to Submit AML Plans by 21 June Explore More

News

Ireland Seizes More than €1m Cryptocurrency from Money Laundering Syndicate

Ireland seized over €1m in cryptocurrency as a part of an investigation against national and inte...

Ireland Seizes More than €1m Cryptocurrency from Money Laundering Syndicate Explore More

News

FCA Fines TJM Partnership Limited £2 Million for Money Laundering

The Financial Conduct Authority has fined the investment firm TJM Partnership Limited £2m for ser...

FCA Fines TJM Partnership Limited £2 Million for Money Laundering Explore More

News

Danish Gambling Operator Reports Tipwin to the Police for AML Failings

Then danish gambling operator Spillemyndigheden has reported Tipwin to the police for violating t...

Danish Gambling Operator Reports Tipwin to the Police for AML Failings Explore More

News

The UK’s Joint Money Laundering Steering Group Amends Crypto Asset Travel Rule

The UK’s Joint Money Laundering Steering Group (JMLSG) amended the Money laundering and Terrorist...

The UK’s Joint Money Laundering Steering Group Amends Crypto Asset Travel Rule Explore More

News

EU Proposes New AML Agency For Addressing Money Laundering

The EU document has been proposed to introduce tough action against money laundering in the regio...

EU Proposes New AML Agency For Addressing Money Laundering Explore More

News

State Street Bank fined $1.24 million for breaching AML laws

The US-based State Street bank has been hit with million-dollar money laundering fine. The Austra...

State Street Bank fined $1.24 million for breaching AML laws Explore More

News

Bulgaria Must Strengthen its Measures Against Money Laundering & Terrorist Financing – Moneyval

Moneyval called on Bulgaria to improve the regulatory standards for the domestic framework consis...

Bulgaria Must Strengthen its Measures Against Money Laundering & Terrorist Financing – Moneyval Explore More

News

Janet Yellen, US Treasury Secretary to be, Prioritizes AML Regulations

Janet Yellen, incoming Secretary of the US Treasury has announced that AML legislation is the mos...

Janet Yellen, US Treasury Secretary to be, Prioritizes AML Regulations Explore More

News

National Audit Office Plans to Review FCA’s Responsibilities

The National Audit Office (NAO) plans to assess the Financial Conduct Authority (FCA)’s growing r...

National Audit Office Plans to Review FCA’s Responsibilities Explore More

News

Dutch Rabobank Under Investigation Over Suspected AML/CTF Violations

According to the Netherlands’ second largest money lender, Dutch prosecutors are investigating Ra...

Dutch Rabobank Under Investigation Over Suspected AML/CTF Violations Explore More

News

MAS Imposed a Fine of $375,000 on UOB Kay Hian For Business Conduct Compliance Failures

The Monetary Authority of Singapore (MAS) imposed a fine of S$375,000 on UOB Kay Hian, a brokerag...

MAS Imposed a Fine of $375,000 on UOB Kay Hian For Business Conduct Compliance Failures Explore More

News

Tesla Data Breach Leaks Personal Information of 75,000 Customers

Confidential data of approximately 75,735 people, including names, cell phone numbers, and addres...

Tesla Data Breach Leaks Personal Information of 75,000 Customers Explore More

News

Interpol Warns of the Rise in Romance Scams as Valentine’s Day Approaches

According to the Interpol, there is a new investment scam on the rise that is targeting the datin...

Interpol Warns of the Rise in Romance Scams as Valentine’s Day Approaches Explore More

News

European Commission Removes Morocco From High-Risk Money Laundering Watchlist

On Wednesday, the European Commission disclosed that Morocco was no longer listed on its high-ris...

European Commission Removes Morocco From High-Risk Money Laundering Watchlist Explore More

News

Interpol Seizes $130M Worth of Virtual Assets from Cybercriminals Worldwide

The International Criminal Police Organization Interpol has seized $130 million worth of virtual ...

Interpol Seizes $130M Worth of Virtual Assets from Cybercriminals Worldwide Explore More

News

Amendments in UK Supervision Laws Enhance Risk of Money Laundering

Accounting bodies have warned that changes in the UK supervision of AML compliance regulations wi...

Amendments in UK Supervision Laws Enhance Risk of Money Laundering Explore More

News

OCC Warns Federal Banking System of Crypto & Cybersecurity Risks

The OCC has warned the federal banking associations, branches and agencies on crypto-asset and cy...

OCC Warns Federal Banking System of Crypto & Cybersecurity Risks Explore More

News

EU Legislation Bans On-cash Deals Over €10,000 Due to Money Laundering Threats

The European Union’s ban on cash payments over €10,000 for transactions such as car payments is e...

EU Legislation Bans On-cash Deals Over €10,000 Due to Money Laundering Threats Explore More

News

Mongolia Stays Committed to the Fight Against Money Laundering

Mongolia is the first Asia-Pacific and fifth global nation to implement all 40 FATF recommendatio...

Mongolia Stays Committed to the Fight Against Money Laundering Explore More

News

Swedish Biggest Bank Hosts Active Account for PKK Terrorist Group

According to a local media source, the most prominent Swedish bank, SEB (Skandinaviska Enskilda B...

Swedish Biggest Bank Hosts Active Account for PKK Terrorist Group Explore More

News

Hong Kong to Implement Background Checks for Accounting Students

Police will carry out a detailed background check of the students that plan on pursuing accountin...

Hong Kong to Implement Background Checks for Accounting Students Explore More

News

FIU Imposes a Fine of L$21 Million on Insurance Companies for AML Failings

The Liberian financial intelligence unit (FIU) has imposed a L$21 million fine against all the in...

FIU Imposes a Fine of L$21 Million on Insurance Companies for AML Failings Explore More

News

Leading MSB Industry Associations Introduce Best Practices For Anti-Money Laundering

The introduction of the best practices for anti-money laundering by leading MSB industry associat...

Leading MSB Industry Associations Introduce Best Practices For Anti-Money Laundering Explore More

News

India and the United States Collaborate to Combat Financial Crime

The US-India Dialogue on Anti-Money Laundering and Countering Terrorism Financing, jointly chaire...

India and the United States Collaborate to Combat Financial Crime Explore More

News

Elon Musk proposes regulations on artificial intelligence

”Organizations developing artificial intelligence must be regulated”, says Elon Musk. This is not...

Elon Musk proposes regulations on artificial intelligence Explore More

News

FATF Votes to Graylist Malta

Malta’s Prime Minister announced the news at a conference on Wednesday after local media reported...

FATF Votes to Graylist Malta Explore More

News

UK NCA Recovers $7.5 Million from Azerbaijani Laundromat Probe

The UK’s NCA has recovered 5.6 million pounds ($7.5 million) from bank accounts in the country wh...

UK NCA Recovers $7.5 Million from Azerbaijani Laundromat Probe Explore More

News

Singapore Authorities Investigates Bank’s Role in $1.8B Money Laundering Case

Singapore’s central bank started an investigation against banks involved in a $1.8b global wealth...

Singapore Authorities Investigates Bank’s Role in $1.8B Money Laundering Case Explore More

News

New Zealand to Update AML/CFT Regulation ​​from 9 July 2021

Among other changes, reporting entities have been directed to conduct customer due diligence on n...

New Zealand to Update AML/CFT Regulation ​​from 9 July 2021 Explore More

News

India to Introduce Physical Cryptocurrency Bank Branches

India has been rapidly adopting the changes in the digital world and introducing physical banks f...

India to Introduce Physical Cryptocurrency Bank Branches Explore More

News

RBI to Strengthen KYC Guidelines for the Crypto Industry

IndiaTech has suggested enhancing the KYC guidelines and obligating the cryptocurrency industry t...

RBI to Strengthen KYC Guidelines for the Crypto Industry Explore More

News

HKMA Fines Four Banks with $5.7 Million for AML Failings

Hong Kong’s financial regulator has imposed fines on four banks with a combined amount of $5.7 mi...

HKMA Fines Four Banks with $5.7 Million for AML Failings Explore More

News

Data of Half-Million Chicago Students Exposed in a Ransomware Attack

The personal information of more than half a million Chicago students and the staff was accessed ...

Data of Half-Million Chicago Students Exposed in a Ransomware Attack Explore More

News

Kuwait Bans Crypto-Related Activities to Combat Money Laundering

The government of Kuwait banned all crypto-related activities on July 18th, including mining, tra...

Kuwait Bans Crypto-Related Activities to Combat Money Laundering Explore More

News

FIU to Audit Crypto Exchanges, Aiming to Reduce Money Laundering

Financial Intelligence Unit under Financial Services Commission to audit Korea’s cryptocurrency e...

FIU to  Audit Crypto Exchanges, Aiming to Reduce Money Laundering Explore More

News

UK to Regulate Stablecoins & Mint its Own NFTs to Become Global Crypto Hub

The UK is reportedly planning to regulate stablecoins as a payment method and the Royal Mint is t...

UK to Regulate Stablecoins & Mint its Own NFTs to Become Global Crypto Hub Explore More

News

BNM Issues New Policy For Remote Corporate Customer Onboarding

BNM has issued a new policy document that permits MSBs to onboard customers remotely in the corpo...

BNM Issues New Policy For Remote Corporate Customer Onboarding Explore More

News

UAE Struggles to Shade Off Grey-List Status as it Continues to Attract More Crypto Firms

The UAE is keen on regaining a good reputation by clearing its name from FATF’s grey list while t...

UAE Struggles to Shade Off Grey-List Status as it Continues to Attract More Crypto Firms Explore More

News

Turkey to Face FATF’s Gray List Over Inadequate AML Practices

FATF is set to grey list Turkey over AML shortcomings, a move that is likely to affect the countr...

Turkey to Face FATF’s Gray List Over Inadequate AML Practices Explore More

News

Shanghai police warn citizens to beware of online romance frauds

Shanghai police are warning people to be aware of Romantic Internet scams in which victims lose a...

Shanghai police warn citizens to beware of online romance frauds Explore More

News

Southern District of New York Alleges Danske Bank against Serious AML Scandal

SDNY sentences Danske Bank with three years of probation on the tale of whistleblowing and mislea...

Southern District of New York Alleges Danske Bank against Serious AML Scandal Explore More

News

Guyana plans Amending Anti-Money Laundering Legislation

The government of Guyana is looking to amend the AML/CFT legislation in the National Assembly to ...

Guyana plans Amending Anti-Money Laundering Legislation Explore More

News

Cambodia Exits FATF Anti-Money Laundering Gray list, Philippines Remain

The global watchdog has removed Cambodia from its list of jurisdictions under increased monitorin...

Cambodia Exits FATF Anti-Money Laundering Gray list, Philippines Remain Explore More

News

$4.4 Billion Worth Cryptocurrency Stolen in 2019

The crypto analytics firm, CipherTrace released its Q3 2019 Cryptocurrency Anti-Money Laundering ...

$4.4 Billion Worth Cryptocurrency Stolen in 2019 Explore More

News

Anti-Money Laundering Laws Require NGOs to Disclose Their Funding Sources

Principal Secretary for Internal Security, Dr Raymond Omollo, has sent a directive to Non-Governm...

Anti-Money Laundering Laws Require NGOs to Disclose Their Funding Sources Explore More

News

MAS Rejects License Applications of 100 Crypto Exchanges for Ineffective CDD Protocols

Over 100 companies were either turned down or had to withdraw their applications for a license to...

MAS Rejects License Applications of 100 Crypto Exchanges for Ineffective CDD Protocols Explore More

News

Corrupt Countries Tend to Have a Higher Number of Crypto Users, Says IMF

A recent International Monetary Fund (IMF) study shows that counties that have more corruption ha...

Corrupt Countries Tend to Have a Higher Number of Crypto Users, Says IMF Explore More

News

BitGo settles with US Treasury; Sanctions Violations will Cost $98,830

The U.S. Treasury has settled with BitGo over costs that it helped users in authorised divisions ...

BitGo settles with US Treasury; Sanctions Violations will Cost $98,830 Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started