The licensing system for virtual asset service providers in Hong Kong will take effect in June next year

ChainCatcher news, the Hong Kong Legislative Council has passed the amendment to combat money laundering and terrorist financing systems in the third reading, which will establish a licensing system for virtual asset service providers.

The Secretary for Financial Services and the Treasury, Christopher Hui, stated that the new system will take effect on June 1 next year, and virtual asset trading platforms will be required to comply with the regulations on combating money laundering and terrorist financing, just like traditional financial institutions. (source link)