🇭🇰Hong Kong tightens rules for OTC cryptocurrency trading.
📝Hong Kong, often perceived as one of the most “crypto-friendly” regions, is taking steps to tighten rules for over-the-counter (OTC) trading of digital assets. According to a recently published document, the region plans to expand Anti-Money Laundering and Anti-Terrorism Financing Ordinance (AMLO) jurisdiction to cover OTC digital asset transactions.

🔎This change means that OTC market participants will now be required to comply with the same anti-money laundering (AML) standards and know your customer (KYC) procedures as standard exchange trading on the spot market. Such measures are aimed at increasing the transparency and security of transactions with digital assets, as well as preventing their use for illegal purposes.

@cryptover1
🇭🇰Hong Kong tightens rules for OTC cryptocurrency trading. 📝Hong Kong, often perceived as one of the most “crypto-friendly” regions, is taking steps to tighten rules for over-the-counter (OTC) trading of digital assets. According to a recently published document, the region plans to expand Anti-Money Laundering and Anti-Terrorism Financing Ordinance (AMLO) jurisdiction to cover OTC digital asset transactions.

🔎This change means that OTC market participants will now be required to comply with the same anti-money laundering (AML) standards and know your customer (KYC) procedures as standard exchange trading on the spot market. Such measures are aimed at increasing the transparency and security of transactions with digital assets, as well as preventing their use for illegal purposes.

@cryptover1