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Hong Kong Passes Amendment Introducing VASP Licensing Regime

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Hong Kong's Legislative Council passed an Anti-Money Laundering and Counter-Terrorist Financing amendment primarily introducing a licensing regime for virtual asset service providers (VASPs).

Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 also applies traditional customer due diligence and record-keeping requirements to VASPs when conducting certain transactions.

The Hong Kong Monetary Authority confirmed the news in a letter on Dec. 7.

The new rules for VASPs are scheduled to commence on June 1, 2023.

The amendment does not exclusively deal with VASPs. It also establishes a registration regime for precious metals and stones dealers. 

(By Adam James)

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