Hong Kong launches public consultation on legislative proposal for licensing system for virtual asset over-the-counter trading service providers

ChainCatcher news, Hong Kong has launched a public consultation on the legislative proposal for the licensing system of virtual asset over-the-counter trading service providers, which will last for two months until April 12. The legislative proposal focuses on:

1. Requiring anyone who provides any virtual asset and fiat currency spot trading services in Hong Kong as a business to apply for a license from the Commissioner of Customs and Excise;

2. Covering all virtual asset over-the-counter trading services, regardless of whether the services are provided through physical stores and/or other platforms;

3. Granting the Commissioner of Customs and Excise the authority to supervise the compliance of licensed operators in combating money laundering and terrorist financing, and to enforce the statutory and regulatory requirements of the new system;

4. Providing transitional arrangements to ensure the effective implementation of the regulatory system.