Thread by @shyftnetwork

1/ Hong Kong 🇭🇰 has some of the world's strictest AML/CFT laws as far as the traditional financial industry is concerned.

Being one of the most important financial centers globally, it makes sense.

Now 👉 introducing crypto AML/CFT laws.

Will it change the crypto biz in HK?

2/ Hong Kong's legislative council has added crypto to its AML/CFT bill 📜

It includes the #TravelRule as well as the general #crypto AML/CFT updates.

A new licensing regime will come into force on 1st June next year 🗓️

3/ Under the newly amended AML/CFT law, VASPs will be subjected to the same stringent standards that apply to traditional financial firms in HK.

How that affects the user experience and privacy?

4/ Hong Kong 🇭🇰 is among the most-crypto-friendly destinations and is already a base for many crypto businesses.

The country is enacting various measures to prioritize user interests 1️⃣ and the AML/CFT laws are one of the important ones.

5/ Overall, Hong Kong is at the forefront of adopting the newest technologies & is going all out to establish itself as the epicenter of the crypto-verse.

So, what do you think about Hong Kong’s move? 🇭🇰

Comment below.

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