The FSTB intends to tighten controls over virtual asset trading by introducing anti-money laundering and anti-terrorism financing (AML) rules and a mandatory licensing regime for crypto traders providing over-the-counter digital asset trading services. All operators will be required to obtain licenses from the Commissioner of Customs and Excise (CCE).
Licensees will only be allowed to transact assets on registered platforms, and clients of OTC crypto traders will be required to provide sufficient evidence of ownership or control of their crypto wallets, including personal data.
However, licensed over-the-counter traders will be prohibited from trading virtual assets that are not approved by the Hong Kong Monetary Authority (HKMA).
The day before, the administration of the Hong Kong Chamber of Commerce (HKGCC) approached the government of this special region of China with a proposal to include in the new financial budget the issuance of stablecoins pegged to the digital yuan or a pool of fiat currencies.
Source: Bits
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