News Snapshot:
In the midst of various financial authorities cracking down on the cryptocurrency industry in an attempt to regulate the new and largely unregulated asset category, Hong Kong is amending its anti-money laundering legislation to include crypto. Indeed, the Hong Kong authorities are amending for approval the Anti-Money Laundering and Counter-Terrorist Financing Bill of 2022, introducing a richer regulatory interpretation of digital assets, crypto reporter Colin Wu wrote on July 13. Hefty fines and prison sentences Under the amendment, a business providing any kind of virtual currency service will be required to hold a license, with responsible persons facing a penalty...
