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18 Jun 2021

Consultation conclusions: regulatory regimes for virtual asset exchanges and dealers in precious metals and stones

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On 21 May 2021, the Financial Services and the Treasury Bureau ("FSTB") issued its consultation conclusions (the "Conclusions") on the legislative proposals to enhance anti-money laundering and counter-terrorist financing regulations in Hong Kong in respect of virtual asset services providers ("VASPs") and dealers in precious metals and stones ("DPMSs"). The Conclusions adopted most of the proposals set out in the FSTB's consultation paper issued in November 2020 proposing the new (1) licensing regime for VASPs; and (2) two-tier registration regime for DPMSs.

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