A new regime for Hong Kong’s Virtual Asset Service Providers is coming. Beosin will support its implementation.

In response to the “Policy Statement on the Development of Virtual Assets in Hong Kong” issued in October 2022, promoting the development of Hong Kong as an international virtual asset center, the latest amendments to the Anti-Money Laundering and Terrorist Financing Ordinance 2022 (AMLO) were passed by the Hong Kong Legislative Council on 7 December 2022. This means that Hong Kong’s new licensing regime for Virtual Asset Service Providers (VASP regime) will come into force on 1 June 2023. On 20 February 2023, the Hong Kong Securities and Futures Commission (SFC) released the VASP Consultation Paper, and then the VASP Consultation Summary was issued on 23 May, which clarifies that the Guidelines Applicable to Operators of Virtual Asset Trading Platforms (VASP Guidelines) will come into force on 1 June 2023. This marks the Hong Kong government’s proactive approach in welcoming the new VASP regime with an open attitude towards the virtual asset market through more than half a year of planning. <a href="https://medium.com/@Beosin_com/a-new-regime-for-hong-kongs-virtual-asset-service-providers-is-coming-d3f0e648aae3">Read More</a>