Hong Kong Regulators Set to Tighten Oversight on Bitcoin Exchanges | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
Authorities in crypto-friendly Hong Kong have revealed that the nation is making plans to further increase regulatory oversight on bitcoin (BTC) trading venues and crypto-related businesses operating in the state, in accordance with the recommendations of the Financial Action Task Force (FATF), according to a speech on February 26, 2020.
Hong Kong to Strengthen AML/CTF Rules
While coronavirus-stricken neighbors, China have since made it clear that bitcoin (BTC) and altcoins are forbidden fruits in its territory, the highly autonomous Hong Kong Special Administrative Region has implemented robust rules that enable it to effectively handle its cryptospace.
In his annual budget speech, Hong Kong Financial Secretary, Paul Chan hinted that the government is looking to further strengthen its anti-money laundering (AML) and counter-terrorist financing regulations in line with the recommendations of the FATF assessment.
“Authorities will further enhance Hong Kong’s AML/CTF regime with regard to the recommendations of the FATF evaluation report, and consider incorporating virtual asset service providers and dealers in precious metals, stones and jewellery into the AML/CTF regulatory framework.”
Having embarked on an on-site visit to Hong Kong from October 2018 to November 2018, in September 2019 the Financial Action Task Force (FATF),