Will Australia follow Hong Kong and also be a leader in the future of virtual assets?
With cryptocurrency fraud at an all-time high, Hong Kong has paved the way in blockchain regulation for other countries to follow.
By making substantial enhancements to the licensing of Virtual Asset Trading Platforms (VATPs), Hong Kong has greatly increased protection for retail investors.
These changes include a thorough assessment of a user’s knowledge and understanding of the potential risks involved of investing in virtual assets. VATPs now have more responsibility in vetting their customers, greatly reducing the potential for vulnerable investors to be exploited.
Specifically, these changes include continuous reporting, thorough investigation of assets, secure storage of seeds and private keys, greater responsibilities for top-level employees and internal and external audit requirements.
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