Browsing: Hong Kong

In a bid to tighten oversight on digital asset transactions, Hong Kong authorities are set to extend regulatory measures to cover over-the-counter (OTC) crypto trading, aligning it with rules governing retail digital asset trading. The move, outlined in the “Public Consultation on Legislative Proposals to Regulate Over-the-Counter Trading of Virtual Assets,” published on February 8, signals a significant shift in the regulatory landscape. Stakeholders have until April 12 to weigh in on the proposed changes. Key among the proposals is the inclusion of OTC trades within the purview of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), slated to take…

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China’s authorities are intensifying their crackdown on the use of cryptocurrencies like Tether (USDT) in foreign exchange transactions, marking a significant escalation in regulatory measures more than two years after the country imposed a sweeping ban on crypto activities. The Supreme People’s Procuratorate (SPP), China’s top legal prosecution agency, in collaboration with the State Administration of Foreign Exchange (SAFE), issued a stern warning against the utilization of USDT as an intermediary for trading the Chinese yuan against other fiat currencies. This move underscores Beijing’s growing concern over the use of stablecoins in circumventing capital controls and potentially destabilizing the country’s…

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