A VASP licensing regime is a regulatory system that requires Virtual Asset Service Providers (VASPs) to obtain official licenses to operate legally. This regime typically involves submitting applications, meeting capital requirements, implementing anti-money laundering (AML) and counter-terrorist financing (CTF) controls, and undergoing ongoing supervision. It aims to formalize and regulate the crypto industry.
Context
The VASP licensing regime is a critical development for the global digital asset industry, with many jurisdictions adopting or planning similar frameworks. News often reports on the progress of various countries in implementing these regimes and the challenges faced by VASPs in achieving compliance. This regulatory approach seeks to enhance market integrity and consumer protection within the crypto ecosystem.
The SFC's hard deadline compels all non-compliant VASPs to cease Hong Kong operations by May 31st, solidifying the jurisdiction's regulated market structure.
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