Hong Kong Initiates Public Consultation on Licensing for Virtual Asset OTC Trading Services

Hong Kong Initiates Public Consultation on Licensing for Virtual Asset OTC Trading Services



The Hong Kong government has initiated a public feedback process regarding proposed legislation to establish a licensing framework for over-the-counter (OTC) virtual asset (VA) trading service providers.



This move comes in response to evidence of VA OTC operators being implicated in fraudulent activities, highlighting the urgency for regulatory measures to be applied to OTC services under the Anti-Money Laundering and Counter-Terrorist Financing (AMLO) framework. The aim is to mitigate the risks associated with money laundering and the funding of terrorism.



Under the proposed regulations, any entity engaged in the business of offering spot trading of virtual assets for cash within Hong Kong will be required to obtain a license from the Commissioner of Customs and Excise (CCE). The proposal also seeks to extend regulatory


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#Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #HongKong, #Regulations

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