The Hong Kong government will propose a licensing system to regulate crypto exchanges, according to a discussion paper from the Legislative Council Panel on Financial Affairs published on Monday. Fast facts - The proposed amendment to the Anti-Money Laundering and Counter-Terrorist Financing bill will designate any crypto exchange as a “regulated virtual asset activity” and any person who seeks to engage in this work must have a virtual asset service provider (VASP) license from the Securities and Futures Commission, according to the paper. This applies to companies physically located or registered in Hong Kong. - In addition, licensed VASPs may...