The Hong Kong Securities and Futures Commission (SFC) is working on a new licensing system for cryptocurrency over-the-counter (OTC) services. The move aims to bring stricter oversight and regulation to the cryptocurrency market. The SFC plans to cooperate with the Customs and Consumer Protection Department (C&ED) in this process. This development is seen as a reflection of the increasing regulatory pressure in the cryptocurrency sector and is causing concern among market participants. Strict regulations could negatively impact market liquidity and investor confidence.