Hong Kong plans universal AML requirements for OTC crypto traders
The primary suggestion of the paper is to include OTC trade into the jurisdiction of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).
The government of Hong Kong will tighten the regulation of the over-the-counter (OTC) virtual assets trade by subjecting it to the same requirements as the retail virtual assets trade.
On Feb. 8, the Hong Kong government published a consultation paper on regulating the over-the-counter trading of virtual assets. The consultation will last two months, until April 12.
The primary suggestion of the paper is to include OTC trade into the jurisdiction of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), effective from June 2023. Typically, OTC means deals conducted directly between the provider and the customer without a centralized marketplace, such as an exchange.
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