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On Feb. 26, Hong Kong’s monetary secretary Paul Chan acknowledged that his administration will strengthen its Anti-Cash Laundering (AML) and Counter-Terrorist Financing (CTF) insurance policies relating to cryptocurrencies.
In his latest funds speech, Chan indicated that the amendments will deal with suggestions made by international monetary watchdog, the Monetary Motion Activity Drive (FATF).
New rules to have an effect on crypto exchanges, treasured metals sellers
The FATF assessed that Hong Kong was “largely compliant” with its AML/CTF tips following a September 2019 analysis. The evaluation noticed Hong Kong turn into the primary jurisdiction within the Asia-Pacific area to cross the FATF’s appraisal.
The proposed modifications to Hong Kong’s AML/CTF insurance policies have been put ahead as a part of the federal government’s 2020–21 funds, and will probably be handed into legislation following a interval of public session.
Chan indicated that the amendments will predominantly have an effect on cryptocurrency exchanges and remittance service suppliers, including that “detailed proposals” will probably be printed later this 12 months.
Sellers in treasured metals, stones, and jewellery may even be introduced underneath the brand new AML/CTF framework.
Abu Dhabi modifications crypto rules to align with FATF
On Feb. 24, the Monetary Providers Regulatory Authority, one in every of three regulators overseeing the Abu Dhabi International Market (ADGM), introduced amendments to its crypto rules. The modifications embody altering the time period “crypto asset” to “digital asset” to align with FATF vocabulary.
The ADGM may even broaden its regulatory class of “Working a Crypto Asset Enterprise” to deal with different regulated actions that relate to crypto companies together with custody providers, working a buying and selling facility and dealing in investments.
Abu Dhabi and Hong Kong comprise the newest jurisdictions to replace their crypto rules in response to latest FAFT directives, following South Korea, Singapore, and Switzerland.
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