. Brokers and fund managers in the region have reportedly asked for advice on licensing requirements ahead of new legislation.
Lawmakers in Hong Kong passed an amendment to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance in December 2022, which aligns withThe amendment introduces a new licensing scheme for virtual asset service providers, which will allow retail investors the ability to trade in virtual assets. Currently, virtual asset trading is restricted to professional investors or traders with proof of at least $1 million in bankable assets.
Victory Securities and Interactive Brokers were the first two brokers in Hong Kong with SFC to trade virtual assets for their professional clients. According to Robert Lui, the digital asset leader at Deloitte Hong Kong, retail investors will most likely be able to trade virtual assets with a large market capitalization and liquidity.
They have seen the future. Hello U.S.! Still blurry?
Lawmakers in Hong Kong passed an amendment to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) in December 2022, which aligns with the region’s recent stance on broadening the possibility for crypto trading.
We're thrilled to see HK regulators looking to support the $crypto movement! As more crypto-friendly rules are set in place, users can enjoy greater access to trustless, peer-to-peer transactions. DeFi is creating a new era of financial freedom!