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Hong Kong and Abu Dhabi Change Crypto Regulations to Align with FATF

Hong Kong and Abu Dhabi Change Crypto Regulations to Align with FATF

Hong Kong’s financial secretary Paul Chan informed that his administration will boost its Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) policies regarding cryptocurrency.

New regulations will prevalently affect crypto exchanges that are already supervised under the Hong Kong Monetary Authority (HKMA). In addition, dealers in precious metals, stones, and jewellery will also be brought under the new AML/CTF framework.

Notably, the amendments have been put forward as part of the government’s 2020-21 budget and will pass into law following a period of public consultation.

In the meantime, the Financial Services Regulatory Authority of Abu Dhabi also announced amendments to its crypto regulations. The changes include changing the term “crypto asset” to “virtual asset”, to be aligned with the terminology used by the Financial Action Task Force (FATF).

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Apart from that, the Abu Dhabi Global Market (ADGM) will also expand its regulatory category of “Operating a Crypto Asset Business” to address other regulated activities that relate to crypto businesses such as custody services, operating a trading facility and dealing in investments.

Hong Kong and Abu Dhabi are the latest jurisdictions to amend their crypto regulations in light of the FATF’s recommendations, following South Korea, Singapore and Switzerland.

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