Hong Kong to crack down on non compliant crypto businesses and ads 2 New crackdown on crypto businesses and ads in Hong Kong!

New crackdown on crypto businesses and ads in Hong Kong!

– The Hong Kong authorities are amending the Anti-Money Laundering and Counter-Terrorist Financing Bill of 2022 to include regulation of digital assets and cryptocurrency.
– Businesses providing any kind of virtual currency service will be required to hold a license, and responsible persons faces a penalty of up to $5,000,000 or up to seven years in prison if they carry on their operations without such a license.
– Advertising an unlicensed crypto business is liable to a fine of up to $50,000 or imprisonment for up to six months.
– Offenses involving fraudulent or deceptive schemes or devices in crypto transactions, be it direct or indirect, carries a risk of a fine of $10,000,000 or imprisonment for up to 10 years.
– The amended bill was first published in the Gazette of Bills on June 24, and presented to the Legislative Council in the first reading on July 6.
– The law is not expected to come into full effect before 2023, but its effects can already be witnessed, with a large number of crypto advertisements vanishing from the streets of Hong Kong.

Hong Kong to crack down on non compliant crypto businesses and ads New crackdown on crypto businesses and ads in Hong Kong!
New crackdown on crypto businesses and ads in Hong Kong! 3

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