Hong Kong Government to Educate the Public on Cryptocurrency

Hong Kong’s Financial Services and Treasury Bureau and Investor Education Center have launched a public campaign to educate the public
01 February 2018   551

Hong Kong’s Financial Services and Treasury Bureau and Investor Education Center have launched a public campaign to educate the public

Due to the aroused public interest and hype around cryptocurrencies Hong Kong’s Financial Services and Treasury Bureau (FSTB), and Investor Education Center (IEC) have launched the educational campaign in order to provide a comprehensive understanding of the potential risks of cryptocurrency transactions.

The campaign includes educational videos which will be posted on social media, television and radio advertisements, advertisements throughout Hong Kong’s public transport.

Under Secretary for the FSTB, Joseph Chan believes that the aim of the program is to provide a correct and comprehensive understanding of ICOs and cryptocurrencies. The campaign will help people have a better idea of digital currency and investing in it.

This campaign is not the first attempt of developed countries to launch an educational program on cryptocurrencies. A few months ago Russian government suggested educating the public on their financial literacy.

The main reason for launching such educational programs supported by governments is the dangerous volatility of the cryptocurrency markets which many traditional investors are not prepared for.

Unlike the hostilities faced in China, Hong Kong is focused on protecting and informing traders and investors.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   83

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.
 

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.
 

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.