Hong Kong will tighten requirements for crypto exchanges after FATF appeal
Hong Kong will tighten anti-money laundering and terrorist financing requirements for cryptocurrency exchanges, writes Hong Kong Economic Times, citing financial secretary Paul Chan.
Local authorities took such measures in an effort to comply with the recommendations of the Financial Action Task Force on Money Laundering (FATF). According to the publication, the FATF assessed the current AML regime in Hong Kong and recommended tightening the policy on crypto companies in order to better comply with generally established standards. Overall, the FATF assessed Hong Kong’s regulatory framework as “largely compliant”.
The changes were included in the 2020-2021 budget. and can be approved after the stage of collecting public comments. The new requirements will affect crypto-exchanges, OTC platforms and brokers, which are concentrated in Hong Kong. They are already supervised by the local currency board.
In November 2019, the Hong Kong Securities and Futures Commission introduced new rules for regulating cryptocurrency companies. They are presented to those of them that work with at least one security token.
Last weekend, G20 finance ministers spoke out in support of FATF recommendations on regulating the cryptocurrency industry.
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