Hong Kong Regulator: ‘Blockchain Can Prevent Money Laundering’
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....
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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....
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....
Hong Kong is one of the most important financial centres of the world, but with limited space and high demand, property in Hong Kong has always been in short supply. Simplifying home ownership in Hong Kong is therefore a prime concern for the Hong Kong government, which has undertaken a number of measures in the last few years to make home ownership both affordable and easy. The Nikkei Asian Review reported that as recently as early November, the Hong Kong government raised stamp duty to cool down the boiling Hong Kong housing market. This measure of the government was mainly aimed at....
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 […]
Cryptocurrency regulation in Hong Kong is undergoing changes. The Securities and Futures Commission (SFC) is reportedly introducing a new licensing system to regulate all crypto exchanges operating in Hong Kong. Hong Kong’s New Crypto Regulation The CEO of the SFC, Ashley Alder, talked about implementing a new cryptocurrency regulatory framework at Hong Kong Fintech Week on Tuesday. All cryptocurrency trading platforms operating in Hong Kong or targeting local investors will be required to apply for a license with the SFC, Radio Television Hong Kong (RTHK) reported. “Later....