The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


    Note: Fields marked with an asterisk(*) are mandatory.

    n-exit-img-roi-cross

    Thank you for your demo request

    We appreciate your interest and look forward to discussing how our solution can meet your needs. Expect to hear from us shortly with scheduling details.

    Close

    us

    52.167.144.221

    Hong Kong’s New Crypto Regulations may Attract Web3 Firms Back

    n-img-hong-kong

    Hong Kong’s new proposed crypto regulation received Huobi Global’s, a Chinese crypto platform, pledge to return, and more firms may arrive, experts said.

    Hong Kong’s upcoming regulatory changes for crypto-related service providers might lure more business and talent back to the city, as it aims to regain its position as an international crypto hub.

    Hong Kong’s SFC (Securities and Futures Commission) published draft rules on 20th Feb 2023, for virtual asset trading platforms and sought public feedback. The new licencing regime is set to take effect in June and the SFC is planning to ensure crypto exchanges apply for licences which will allow low retail investors to trade certain large-capitalisation tokens. 

    HKMA (Hong Kong Monetary Authority), the city’s de facto central bank, stated in a consultation document released a month prior that it will initiate a mandatory licensing regime for stablecoin issuers, and will not allow algorithmic stablecoins. 

    In 2021, China banned crypto transactions, but Hong Kong has now set up a new regulation that eventually extends to real crypto trading.

    Angela Ang, the former regulator at Singapore’s monetary authority and the senior policy advisor at California-based blockchain intelligence firm TRM Labs, stated, “Like many of its global counterparts, including Singapore, the SFC is attempting to thread the needle between digital asset innovation and investor protection in a post-FTX world.”

    To improve the city’s Web3.0 industry and development, Hong Kong’s financial secretary Paul Chan commented on Wednesday (22 Feb 2023) that HK$50 million ($6.37 million US) has been set aside by the government just to establish the web3 industry, which has brought a “golden opportunity” for innovative development. 

    Justin Sun, World Trade Organisation representative and founder of Tron (a blockchain DAO ecosystem), has revealed that Huobi Global is applying for a crypto trading licence in Hong Kong. Sun also shared with the publication Nikkei Asia that Huobi is looking to move its Asia headquarter from Singapore to Hong Kong. 

    Adrian Wang, the CEO of Metalpha, a Hong Kong-headquartered digital asset management platform, said, “The proposed policy went into more detail on anti-money laundering and know-your-customer with new requirements such as conflict of interest also included. Overall, this is good for the industry safeguarding the rights of retail investors.”

    Suggested Read:

    HONG KONG’S SFC PLANS TO REGULATE DIGITAL ASSET TRADING PLATFORMS

    Related Posts

    News

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    Explore More

    News

    UK Parliament Legislates New Digital Identity Verification Services Bill

    UK Parliament Legislates New Digital Identity Verification Services Bill

    Explore More

    News

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Explore More

    News

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Explore More

    News

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    Explore More

    News

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    Explore More

    News

    Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations

    Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

    Explore More

    News

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    Explore More

    News

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    Explore More

    News

    UK Parliament Legislates New Digital Identity Verification Services Bill

    UK Parliament Legislates New Digital Identity Verification Services Bill

    Explore More

    News

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Explore More

    News

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Explore More

    News

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    Explore More

    News

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    Explore More

    News

    Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations

    Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

    Explore More

    News

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    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