The Hong Kong Virtual Asset Industry Association (HKVAIA) has announced the launch of Digital Asset Anti-Money Laundering Council (DAAMC), a non-profit organization to battle illicit use of cryptocurrency. The development was confirmed in a Tuesday blog post. 

The DAAMC commits to fostering the issuance of compliant stablecoins and strengthening financial integrity within Hong Kong’s digital asset ecosystem. The launch pushes forward top-notch standards and practices for Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT).

Meanwhile, the launch witnessed collaboration from four prestigious organizations, each bringing their unique expertise to the table. These organizations are committed to transforming the landscape of digital finance in Hong Kong, with a strong emphasis on fostering innovation in stablecoin development and ensuring robust compliance measures.

Hong Kong collaborated with HashKey Group, others

The first on the list, HashKey Group stands out as a prominent digital asset financial services provider in Asia, with a significant global presence. One of its key subsidiaries operates as a licensed virtual asset exchange based in Hong Kong. The firm holds Type 1, Type 7, and Anti-Money Laundering (AMLO) licenses issued by the Hong Kong Securities and Futures Commission.

Another on the list, RD InnoTech Limited, a subsidiary of RD Technologies Group. It also actively engaged in the HKMA Stablecoin Issuer Sandbox, promoting the responsible issuance of stablecoins, fostering ecosystem development and practical use-case expansion. 

Another on the list is Beosin, recognized for its expertise in blockchain security and compliance solutions. It specializes in smart contract security audit, AML/CFT tools and blockchain forensics. The last but not the least, SlowMist stands out as a prominent blockchain threat intelligence firm. It offers a wide range of valuable services including comprehensive security audits, red teaming, AML/CFT solutions, among others.

Notably, this collaboration reflects DAAMC’s dedication to harnassing industry expertise in tackling the unique AML/CFT challenges posed by digital assets, particularly stablecoins. By bringing together knowledge in digital asset trading, stablecoin innovation, blockchain analytics, and threat intelligence, DAAMC creates a compliant ecosystem that not only promotes large-scale adoption but also effectively integrates with traditional finance.

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