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Hong Kong’s legislative council has passed a new amendment to its anti-money laundering (AML) and terrorist financing system to include virtual asset service providers.The latest legislation will establish a new licensing regime for virtual asset service providers, set to come into effect from June 1, 2023. The new amendment will
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Central bank governors from around the globe are currently in Thailand to discuss the role of central banks amid evolving financial technology. The conference is jointly hosted by the Bank of Thailand (BOT) and the Bank for International Settlements (BIS).A panel discussion on digitalized monetary systems saw Eddie Yue, chief
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The exchange shuttered on Nov. 13 after a reported hack. Original Source
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The fall of crypto giants this year reignited questions about the stability of cryptocurrencies and their impact on fiat ecosystems. Hong Kong Monetary Authority (HKMA) assessed the situation and found that the instabilities of crypto assets, including asset-backed stablecoins, can potentially spill over to the traditional financial system.The HKMA assessment
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In the wake of the recent FTX scandal, another crypto business is feeling the market effects. Genesis Block, a frontrunner for providing cryptocurrency retail services in Hong Kong, announced it will cease trading and shutter operations, according to reports.According to an email sent out to its customers by the compliance
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Julia Leung, deputy CEO and executive director at Hong Kong’s Securities and Futures Commission (SFC), said that the recent turmoil in crypto markets highlighted not only the volatility and structural vulnerabilities in the industry, but also how it is becoming more connected with traditional financial services. Source
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The Hong Kong exchange shuttered activity Sunday blaming turbulent markets, but has denied exposure to Sam Bankman-Fried's now-defunct FTX Source
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The collapse of the FTX crypto exchange has sent shockwaves across the crypto industry. FTX's trouble has caused the crypto market to tumble and the crypto community to worry about how the entire industry will be impacted. Crypto exchange Crypto.com said it had a $10 million exposure to FTX and
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Just days after Binance CEO Changpeng “CZ” Zhao warned about the onset of greater regulatory scrutiny amid the FTX collapse, the Financial Secretary of Hong Kong called for a stronger focus on transparency and proper supervision when dealing with virtual assets.Financial Secretary Paul Chan highlighted the importance of being “steady
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Hong Kong says it welcomes virtual asset companies, but a lot of details still need to be ironed out. Source
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