Hong Kong Considers SFC Oversight for OTC Crypto Trading

According to Foresight News, the South China Morning Post reports that Hong Kong is contemplating involving the Securities and Futures Commission (SFC) in the regulation of over-the-counter (OTC) virtual asset trading services. Currently, the SFC is seeking industry feedback on a potential new licensing regime for cryptocurrency OTC services. This proposed system would see the SFC and Customs jointly overseeing these companies. Discussions regarding these two licenses are still in the early stages and may undergo changes. Previously, a proposal announced in February 2024 suggested that OTC cryptocurrency stores would be regulated solely by Customs.