A professional committee for digital asset AML has been established in Hong Kong! Institutions such as Slow Mist and Round Coin are participating in the formulation of global Compliance standards.

Hong Kong has taken an important step forward in the regulation and compliance of virtual assets. The non-profit organization, the Hong Kong Digital Asset Anti-Money Laundering Committee (DAAMC), has been established with the support of the Hong Kong Virtual Asset Industry Association (HKVAIA). Several institutions, including Slow Mist and Round Coin, are involved, aiming to develop and promote global Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) standards, and to promote the compliant issuance of stablecoins and the construction of financial integrity.

Background and Mission of DAAMC

The establishment of DAAMC is a direct response to the latest issuance of the "AML and Counter-Terrorist Financing Guidelines (Applicable to Licensed Stablecoin Issuers)" by the Hong Kong Monetary Authority (HKMA).

Core mission: Promote collaboration among regulated financial institutions to establish and promote AML/CFT standards and best practices.

Key Areas: On-chain Identity Verification, Stablecoin Compliance Issuance, Global Compliance Standards Research

Recent plans: Release two technical reports on stablecoin AML and hold a special seminar at the end of the month.

Participating Institutions and Action Plan

Yuan Coin Innovative Technology (a subsidiary of Yuan Coin Technology Group)

Slow Mist Technology (Blockchain Security Company)

Beosin (Blockchain Security Audit Institution)

These institutions will converge technology and compliance expertise to establish a more rigorous framework for anti-money laundering and counter-terrorism financing in the Hong Kong and global virtual asset markets.

Upgrade of Hong Kong's Virtual Asset Regulatory Environment

Recently, Hong Kong has been frequently taking regulatory actions regarding virtual assets:

August 15: The Hong Kong Securities and Futures Commission issued a circular to all licensed virtual asset trading platforms, clarifying custody standards, including senior management responsibilities, cold wallet infrastructure, third-party wallet applications, and real-time threat monitoring.

August 18: China Merchants International Securities becomes the first licensed Chinese brokerage in Hong Kong, opening trading for BTC, ETH, and USDT, and plans to expand more virtual asset services.

These measures complement the establishment of DAAMC and lay the foundation for the compliance and internationalization of the virtual asset market in Hong Kong.

Impact on the Industry

Compliance-driven: DAAMC will promote stablecoin issuers and trading platforms to adopt higher standards of AML/CFT measures.

International Integration: On-chain identity verification and the establishment of global standards will help Hong Kong establish a trust advantage in the international virtual assets market.

Market Confidence: With the combination of regulatory upgrades and institutional collaboration, it is expected to attract more international capital and compliant players to enter the Hong Kong market.

Conclusion

The establishment of the Hong Kong Digital Asset Anti-Money Laundering Professional Committee marks a key step in Hong Kong's process of compliance for virtual assets. With the participation of institutions such as Slow Mist and Round Coin, as well as the regulatory upgrades from the Monetary Authority and the Securities and Futures Commission, Hong Kong is accelerating the creation of a safe, transparent, and international digital asset ecosystem. For more real-time regulatory and market dynamics, please follow the official Gate platform.