Hong Kong Regulator Thinks Blockchain Can Curb Money Laundering
The Hong Kong Regulator has mentioned that the blockchain technology can be used to ensure proper implementation of AML and KYC regulations by the banks. Bitcoin and Bitcoin technology are like two sides of the same coin. While Bitcoin is clearly not a favorite among banks and financial institutions, its underlying Blockchain technology receives a much favorable treatment. According to the regulators in Hong Kong and other places, the Bitcoin’s underlying technology can genuinely help curb money laundering issues. Blockchain is a distributed ledger that maintains a record of all the....
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Regulators have not always keen on blockchain technology, but lately they have started to seeing its potential benefits. A Hong Kong regulator has indicated how the blockchain can help financial institutions to overcome money laundering. The essential traits of blockchain technology make it a robust solution to fight money laundering. Not only is a....
In a bust that once again reveals the dark side of cryptocurrency usage, the Hong Kong Customs cracked down on a sophisticated money laundering operation, seizing assets and making several arrests. According to the press release by the Hong Kong Government, the operation to bust this money laundering scheme is dubbed “Fencing,” and it particularly […]
Hong Kong police have broken up a money‑laundering ring that moved 15 million through more than 550 accounts and crypto trades. Twelve suspects, aged 20 to 40, were arrested in operations across mainland China and Hong Kong. They now face charges of conspiracy to commit money laundering, Hong Kong Commercial Daily reported on May 17. Related Reading: […]
Authorities in Hong Kong have arrested four people suspected of money laundering a total of $155 million through cryptocurrency wallets and bank accounts. The city’s customs agency said this was its first case in which virtual money had been used to launder dirty cash. Money Laundering Syndicate Recycles $155 Million in Crypto and Fiat Transactions The criminal group is believed to have processed illegal funds for a total of 1.2 billion Hong Kong dollars ($155 million), Hong Kong Customs announced Thursday. In an operation code-named “Coin Breaker,” officers detained the....
Hong Kong’s securities regulator has warned investors to be wary of risks that are associated with non-fungible tokens (NFTs). The regulator also advised investors to consider investing in NFTs only if they fully understand the risks.
NFTs ‘Straddle the Line Between Collectibles and Financial Assets’
A Hong Kong regulator has said NFTs face risks that are associated with other virtual assets and investors should not invest in these assets if they do not fully understand such risks.
According to a report by Interface News, the Hong Kong Securities....