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26 Jul 2022

New virtual asset service provider regime to take effect on 1 March 2023

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The Hong Kong Government has gazetted the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 (the "Bill") on 24 June 2022, which generally speaking follows what was set out in the Consultation Conclusions for the Public Consultation on Legislative Proposals to Enhance Anti-Money Laundering and Counter-Terrorist Financing Regulation in Hong Kong issued by the Financial Services and the Treasury Bureau on 21 May 2021.

The Bill introduces, amongst other things, a new licensing regime for virtual asset service providers ("VASPs"). Whilst the Bill itself is expected to come into effect on 1 January 2023, the VASP licensing regime is expected to come into effect on 1 March 2023.

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