Based on 36 Crypto, Hong Kong has introduced new legal measures to combat fraud and regulate the virtual asset market. The new laws add two criminal offenses under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, targeting unlicensed service providers and fraudulent activities. Offenders could face fines up to HK$10 million and prison sentences of up to ten years. The legislation aims to strengthen consumer protection and ensure accountability in the digital asset sector.
Hong Kong Enacts New Laws to Combat Virtual Asset Fraud and Regulate Market
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