DPA

Hong Kong: Licensing framework for virtual asset service providers

Progress

Current status
adopted
01 Jun 2023 in force
07 Dec 2022 adopted
06 Jul 2022 under deliberation

Scope

Implementers
Hong Kong
Policy Area
Registration and licensing
Policy Instrument
Business registration requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Government Branch
legislature
Government Body
parliament
Implementation Level
national

Timeline of events

01 Jun 2023
in force

Implemented Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022

On 1 June 2023, the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022, establishing a new licensing regime for virtual asset service providers (VASPs) in Hong Kong, came into force. The Bill amends the current Anti-Money La…

Source
Event type law
Action type implementation
Government branch legislature
Government body parliament
07 Dec 2022
adopted

Adopted Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022

On 7 December 2022, the Hong Kong legislative chamber adopted the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022. The Bill amends the current Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) and…

Source
Event type law
Action type adoption
Government branch legislature
Government body parliament
06 Jul 2022
under deliberation

Introduced Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022

On 6 July 2022, the Hong Kong legislative chamber introduced the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022. The bill aims to amend the current Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 61…

Source
Event type law
Action type introduction
Government branch legislature
Government body parliament