[Delio] Hong Kong to Implement Crypto Licensing Through AML Law

A new license system for crypto service providers will be implemented under new laws designed to govern the crypto industry in Hong Kong for the anti-money laundering (AML) regulations, crypto media Bitcoin.com reported on July 11.

According to the media, government seeks to inaugurate virtual asset service providers (VASPs) license and register precious metal and stone traders (DPMS). In this regard, organizations dealing with cryptocurrencies that wish to introduce a trading platform requires to obtain a license with the Hong Kong Securities and Futures Commission (SFC) and meet government standards. The executive elaborated, “VASPs can expect to be regulated to the same standard as our institutional clients. The law recognizes VASPs as peer organizations within the financial services sector.”

The SFC will be ensuring that virtual asset service providers adhere to appropriate listing and trading regulations as well as financial reporting and disclosure processes under the impending law. Additionally, the Commission will monitor the operation of controls intended to thwart market manipulation and conflicts of interest.

Meanwhile, Delio, a leading digital asset provider in South Korea, has been authorized by the Financial Services Commission of Korea and authority of the United States by acquiring the virtual asset service provider (VASP/MSB) licenses to prove the best quality service in the crypto local and international industry.

Source: BITCOIN.COM

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