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Hong Kong plans to include virtual money services in regulation to improve the AML system.
The latest statement from the Financial Secretary of Hong Kong indicates that the government is considering bringing virtual money service providers and the jewelry, gemstones, and precious metals industry under regulatory oversight. This initiative aims to further improve Hong Kong's AML and counter-terrorist financing framework. Specific related proposals are expected to undergo public consultation within this year.
The Financial Secretary emphasized that Hong Kong has become the first member region in the Asia-Pacific to successfully pass a comprehensive evaluation by the Financial Action Task Force. The government will refer to the recommendations in the evaluation report to continue optimizing relevant systems.
In addition, to maintain financial stability in Hong Kong, the government will continue to implement the latest international banking regulatory standards set by the Basel Committee on Banking Supervision. These measures reflect Hong Kong's determination to strengthen financial regulation and maintain its status as an international financial center.
The advancement of this series of regulatory measures will not only help improve the health of Hong Kong's financial system but will also provide a clearer legal framework for the long-term development of the Virtual Money industry. At the same time, it also indicates that Hong Kong is actively responding to global financial regulatory trends, striving to seek a balance between innovation and risk control.