In today's financial field, the development of cryptocurrency has always attracted much attention. As one of the international financial centers, Hong Kong has recently launched a series of major regulatory actions on the cryptocurrency market, especially over-the-counter (OTC) transactions.
According to reliable source South China Morning Post, the Hong Kong Securities and Futures Commission (SFC) is actively planning to work with the Hong Kong Customs to jointly strengthen the supervision of OTC cryptocurrency transactions. Usually, OTC transactions are mainly private transactions between large companies, often bypassing public exchanges and conducted in relatively hidden channels. However, with the change in regulatory direction, the involvement of the SFC is expected to bring a clearer regulatory framework to this volatile field.
In recent years, the cryptocurrency industry has been turbulent, with major financial losses and shocking fraud. Among them, the collapse of a Japanese exchange was like a boulder thrown into a calm lake, stirring up a thousand waves and making regulators highly alert to the potential risks of OTC transactions. Many of these OTC transactions are operated through physical stores, and unfortunately, a considerable number of them are closely linked to illegal activities such as fraud. In view of this, the implementation of stricter regulatory measures is urgent.
Representatives of the SFC solemnly stated that they are currently working closely with the government and other relevant regulatory authorities to create a robust, reliable, clear and highly consistent regulatory environment, so as to effectively promote the sustainable and responsible development of Hong Kong's virtual asset industry.
Although the need for strengthening supervision has been widely recognized and supported, some industry insiders are still worried that the specific supervision implementation process may cause confusion due to the possible overlap of responsibilities between the SFC and the Customs.
It is undeniable that Hong Kong’s tightening of supervision over OTC cryptocurrency transactions is very likely to bring a certain degree of volatility to the market in the short term. However, from a long-term development perspective, this initiative will undoubtedly help to significantly reduce the occurrence of fraud and illegal transactions, thereby significantly enhancing investor confidence. For the majority of investors, this undoubtedly signals that a safer and more compliant market environment is gradually taking shape; for industry participants, this means that they must strictly abide by higher compliance standards while constantly improving themselves. risk management capabilities. It is foreseeable that with the continuous improvement and optimization of Hong Kong’s cryptocurrency regulatory system, Hong Kong’s cryptocurrency market will surely move steadily towards a more stable and sustainable direction, opening a new chapter of development.
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