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Hong Kong ATMs Must Be Excluded From Coming AML Regulations, Group Says
The government’s plan to regulate cryptocurrency exchanges in Hong Kong could mean ATMs may also be off-limits, the group claims.
New anti-money-laundering (AML) regulations need to exclude Hong Kong’s bitcoin automated teller machines (ATMs) in order to sustain innovation, according to the Bitcoin Association of Hong Kong, reports the South China Morning Post (SCMP).
STORY CONTINUES BELOW
- Hong Kong regulators have stepped up their supervision of the cryptocurrency industry and are in the process of introducing new regulations that will restrict the city's digital currency trading by prohibiting them from serving retail investors.
- The government’s plan to regulate cryptocurrency exchanges in Hong Kong could mean ATMs may also be off-limits unless an appeal to exclude them from the extended regulations goes ahead, said the report.
- “Stricter oversight of bitcoin has created uncertainties for start-ups and their blockchain-related investments,” said Leo Weese, co-founder of the Bitcoin Association of Hong Kong, the SCMP reported.
- Weese added, “To restrict retail individuals from accessing bitcoin would be overshooting the government’s goals of promoting innovation and financial inclusion.”
- There are around 60 bitcoin ATMs across Hong Kong where users can buy and sell digital currencies, the SCMP said.
Read more: Hong Kong’s Securities Watchdog May Soon Regulate All Crypto Trading Platforms
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
