Hong Kong Legislative Council Plans Crypto Regulation Initiative

Hong Kong and Taiwan Take Steps to Regulate and Promote Crypto Sector
Hong Kong is set to regulate the bitcoin business alongside other Asian nations. The HKSAR Legislative Council has established a panel to draft cryptocurrency legislation, focusing on Web3 and virtual asset rules. This panel aims to protect investors and consumers while fostering market confidence, investigating stablecoin uses, and examining custody services. Public input on Web3 aspects, including decentralized autonomous organizations, will also be sought. The Securities and Futures Commission (SFC) will audit crypto exchanges for compliance, and Hong Kong has approved Bitcoin and Ether ETFs to attract institutional investors.
Meanwhile, Taiwan’s cryptocurrency firms have formed the Taiwan Virtual Asset Service Provider (VASP) Association to promote self-regulatory rules and combat fraud. The association, consisting of 24 crypto businesses, aims to collaborate with the government to fight criminal activities and enforce international money laundering regulations.
In Singapore, authorities have identified cryptocurrencies as "higher risk" in money laundering schemes, reflecting the region’s growing scrutiny of the digital asset industry.
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