News Snapshot:
Hong Kong seeks power to jail unlicensed crypto-exchange operators 25/05/2021 Crypto-exchanges and start-ups welcomed Hong Kong’s move to introduce mandatory licensing for all virtual asset service providers and jail time for rogue players, saying that the proposal will likely deter non-compliant players and reduce competition. The city’s Financial Services and Treasury Bureau published its conclusion on legislative proposals last Friday to enhance the city’s anti-money-laundering (AML) and counterterrorist financing regulation, following a two-month consultation launched in November. While the government has affirmed its initial position of subjecting crypto-exchanges to the licensing requirements of the Securities and Futures Commission (SFC), it...
