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As of 2025, Hong Kong has secured its place as one of the leading crypto hubs across the globe, beating several global financial centers.  The country is also known as the world’s most “crypto-ready” location in 2025. It is also considered the second most friendly crypto city in the world, offering the most structured and secure environments for digital trading.  Hong Kong has expanded the role of cryptocurrency in its economy by licensing crypto exchanges and allowing crypto for investments. In addition, it is planning to enable spot Bitcoin and Ethereum ETFs to be listed in the economy.  Notable Regulatory Crypto Developments in Hong Kong 2025 21 May 2025- Stablecoin bill Expanding its crypto licensing framework to cover fiat-backed stablecoins.  Creates a formal licensing regime for Fiat Referred Stablecoin (FRS) issuers. It aims to create a trusted digital asset ecosystem with real-world impact.  19 February 2025- Roadmap for digital asset framework The roadmap for Access, Safeguards, Products, Infrastructure, and Relationships (ASPIRe) for virtual assets (VA).  It aims to update financial infrastructure to leverage blockchain technology and strengthen compliance and product frameworks.  16 January 2025- VATP license  New applicants for a virtual asset trading platform (VATP) license will be subjected to a revamped and expedited external assessment process.  This approach establishes a tripartite agreement among the SFC, the VATP applicant, and the external assessor. AML and CFT regulation Apart from this, Hong Kong updated the Anti-Money Laundering (AML) ordinance to align with the Financial Action Task Force (FATF) recommendations 15. According to this approach, VASPs fall under AML and CFT regulations.  This broad supervisory approach by SFC imposes penalties on violations, such as tampering with records can result in fines up to HKD (Hong Kong dollar) 1,000,000 and imprisonment.  Who Are The Crypto Regulators in Hong Kong? The Securities and Futures…

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Filed under: News - @ June 2, 2025 6:25 am