News Snapshot:
Hong Kong’s long-anticipated law governing cryptocurrency has finally been put before the Legislative Council, with the first and second readings of the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022. The law is significant in bringing Hong Kong into the group of major financial centres creating cryptocurrency regulatory structures. Importantly, when viewed as part of regulations and guidance from bodies such as the Monetary Authority and the Securities and Futures Commission (SFC) in recent years, it would also give Hong Kong the most comprehensive framework governing virtual assets. This package of regulatory and statutory measures signals a significant mainstreaming of...
