Techub News reported by Hong Kong Wen Wei Po, Hong Kong regulates Crypto Assets exchanges, with only 9 licensed exchanges, mainly serving professional investors. Hong Kong Legislative Council member Wu Jiezhuang stated that Hong Kong’s regulation of Crypto Assets will usher in a new mechanism this year. The SAR government will establish a licensing system for over-the-counter (OTC) Crypto Assets transactions and require OTC to comply with the Anti-Money Laundering (AML) provisions of the Anti-Money Laundering Ordinance and customer due diligence (KYC) requirements.
In addition, the licensee can only conduct spot transactions between virtual assets and legal tenders, and must register and monitor business wallets and transaction records. As the regulator, the customs chief is responsible for approving licenses, conducting routine inspections, investigating violations, and imposing penalties. Violators can be fined up to 1 million Hong Kong dollars or imprisoned for two years. In terms of KYC certification, the SAR government proposes to verify the identity of customers, assess and record the purposes and nature of customers’ transactions, and continuously monitor transaction activities.
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