Hong Kong to imprison owners of unlicensed cryptocurrency platforms

The Hong Kong authorities have announced amendments to the anti-money laundering legislation, which will make cryptocurrency platforms more strictly controlled.

According to the amendments to the law, owners of cryptocurrency platforms or other projects that provide any services with virtual currency must obtain a license. Those who continue their activities without obtaining legal permission will have to pay a fine of $ 5,000,000 or, in the worst case, face up to 7 years in prison.

A similar «fate» awaits those who advertise unlicensed crypto businesses: a fine of up to $ 50,000 or imprisonment of up to 6 months. Cryptocurrency fraudsters face the heaviest penalties: up to $ 10,000,000 or up to 10 years in prison.

As a reminder, Web3 technologies and digital assets are actively used in Hong Kong, and therefore there is a need for their enhanced control. Thus, in June, Meta Corporation announced cooperation with coffee shops, schools, and art institutions in Hong Kong to demonstrate how meta universes can be used in real life. And at the University of Hong Kong (HKU), architects have developed a blockchain-based systemfor remote tracking of the quality of student dormitory construction. E-Inspection 2.0 remotely monitors the entire process from start to finish.