Hong Kong's central bank, the Hong Kong Monetary Authority (HKMA), has reminded banks that they can provide banking services to virtual asset (VA) companies, as some businesses have complained about the difficulty of opening bank accounts in the jurisdiction. The HKMA has encouraged banks to use a "risk-based approach" when conducting due diligence and avoid one-size-fits-all approaches to rejecting account opening applications. In a bid to attract more companies to the jurisdiction, Hong Kong has been providing virtual asset services providers with more regulatory clarity. The HKMA has also released a circular clarifying best practices for offering banking services.<br>(By&nbsp;Lavender Au)

Kraken has joined Coinbase in an effort to push back against the growing regulatory scrutiny by United States regulators.

The Hong Kong Monetary Authority (HKMA) has reminded banks to adopt a "risk-based approach" in conducting customer due diligence (CDD) and avoid a "one-size-fits-all" approach to reject account opening applications.

Hong Kong regulators are convening a meeting between crypto firms and bankers in a bid to ease financing for the sector as the city seeks to establish itself as a hub for virtual assets.

The company has complied with the SFC's "Proforma Terms and Conditions for Licensed Corporations which Manage Portfolios that Invest in Virtual Assets".

Effective June 1, 2023, all new Virtual Asset (VA) trading platforms conducting business or targeting investors in Hong Kong must be licensed and regulated by the Securities and Futures Commission (SFC). The SFC is an independent statutory body that regulates Hong Kong’s securities and futures markets.

NFTs in gaming represents a new era of virtual ownership and engagement for players and developers alike.

The Capital Market Authority (CMA), the regulator of Oman’s financial markets, looks to establish a new regulatory framework for the virtual asset industry in the Sultanate.

The Oman Capital Market Authority (CMA) has said it plans to establish a regulatory regime to govern as well as develop the country’s virtual assets market. The regulator said the envisaged regulatory regime enables it to avail an “alternative financing and investment platform for issuers and investors while mitigating the risks associated with this asset class.”

Hong Kong's Securities and Futures Commission (SFC) wants to expand the team handling virtual assets as the city seeks to become a crypto hub.