Hong Kong is planning to have the Securities and Futures Commission work with Hong Kong Customs to jointly regulate virtual asset OTC trading

2024-09-12 10:09:30

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ChainCatcher news, Hong Kong is currently exploring whether to involve the Securities and Futures Commission (SFC) and the Hong Kong Customs and Excise Department (C&ED) in regulating over-the-counter (OTC) services for virtual assets.

According to informed sources, the Hong Kong Securities and Futures Commission has sought industry opinions on possibly implementing a new licensing system for cryptocurrency OTC services, which would allow the securities regulator to collaborate with C&ED to oversee these companies, as the discussions are private. According to a proposal made public in February, the planned OTC regulations and licenses were previously the sole domain of C&ED. OTC services facilitate direct and private large-scale cryptocurrency transactions between parties.

Informed sources also indicated that in recent months, the Hong Kong SFC has consulted companies about introducing a new licensing system for cryptocurrency custody services. They stated that discussions regarding these two licenses are still in the early stages and may change.

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