Hong Kong intends to include virtual currency service industry in regulatory framework

According to the Hong Kong Economic Journal, Hong Kong Financial Secretary Chen Maobo stated in the latest Budget that he would further strengthen Hong Kong ’s anti-money laundering and terrorist financing system, including consideration of virtual currency service providers With the jewelry, jade and precious metals industries within the regulatory framework; public consultations on specific recommendations planned for this year. Chen Maobo said that the International Supervisory Authority's Financial Action Task Force completed a comprehensive assessment of Hong Kong's anti-money laundering and terrorist financing systems last year. Hong Kong has become the first member region in the Asia-Pacific region to successfully pass the organizational audit. The government will refer to the recommendations of the assessment report. In addition, he also said that he will continue to implement the latest international banking regulatory standards in accordance with the Basel Committee on Banking Supervision to maintain Hong Kong's financial stability.