According to Hong Kong Wen Wei Po, Hong Kong SAR Legislative Council member Ng Kit cheung stated that Hong Kong's cryptocurrency regulation will usher in a new mechanism this year. The SAR government will establish a licensing system for over-the-counter (OTC) cryptocurrency trading and require OTC to comply with the anti money laundering (AML) and customer due diligence (KYC) requirements of the Anti Money Laundering Ordinance. In addition, the licensee can only conduct spot transactions between virtual assets and legal tender, and is required to register and monitor business wallets and transaction records. https://www. (wublock123.com)/index.php? m=content&c=index&a=show&catid=6&id=37915