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01 Feb | Consultation

FTAHK Response to the Public Consultation on Legislative Proposals to Enhance Anti-Money Laundering and Counter-Terrorist Financing Regulation in Hong Kong

The FinTech Association of Hong Kong (“FTAHK”) welcomes the continued endeavours of the Financial Services and the Treasury Bureau (“FSTB”) and the Securities and Futures Commission (“SFC”) to enhance anti-money laundering and counter-terrorist financing (“AML/CTF”) regulation in Hong Kong, and to create a robust, transparent and predictable regulatory framework for virtual assets.

The FTAHK is a not-for-profit ecosystem builder that has over 1,300 members representing 300+ firms and is the largest FinTech association in Hong Kong (“HK”). Our wide-ranging membership comprises global and domestic FinTechs, Financial Institutions, Technology Service Providers, Consultancies, Law Firms, Academia and Students.

We are grateful to have the opportunity to respond to this public consultation; the scope of which is focused on the proposed licensing regime for Virtual Asset Services Providers (“VASPs”).

This Response has been prepared in consultation with FTAHK members representing a broad range of experience and backgrounds from fintech start-ups to established financial services firms, as well as stakeholders such as technology companies, consultancies, law firms and academia.

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