Hong Kong changes its anti-money laundering legislation to add crypto, while other financial councils try to enforce rules on the largely uncontrolled asset groups. Crypto reporter, Colin Wu, wrote about the upcoming bill which includes a richer administrative analysis of digital goods.
Penalties and prison sentences will be given to any businesses that produce cryptocurrency services or advertisements without a license. The penalties and prison time can range from $50,000 to $10,000,000 and from six months to ten years.
Despite the bill not being passed yet, changes are already visible with many companies and businesses having applied for licenses, many commercials removed, and companies moving their base of operations somewhere else.
Other countries such as Singapore and Spain have already started regulating crypto commercials and services with Singapore removing their Bitcoin ATMs.
All these changes are going to have a big impact on the people of Hong Kong who want to continue to grow their crypto businesses and make an impact in this world. While excessive regulation can hinder progress sometimes, the right amount usually proves to be fruitful in the long run.
