In today's complex financial environment, virtual asset transactions have become the focus of everyone's attention. Recently, a thought-provoking question has been frequently raised: "The risk of leaving the mainland is relatively high. Can you avoid the risk by going to Hong Kong to find an offline physical OTC to withdraw funds?" In this regard, if mainland residents go to Hong Kong to find a physical OTC to withdraw funds and exchange currency through USDT, there is a legal risk of disguised exchange, which is an important issue that cannot be ignored.
In the past, a large number of mainland residents went to physical stores in Hong Kong to withdraw money. But things are different now. With the steady progress of Hong Kong's web3 compliance process, this situation is difficult to sustain. Just today, a very influential news came out. The chief financial officer of Hong Kong OSL Group said in an interview with the media that the SAR government is likely to introduce a licensing system for cryptocurrency exchange stores in the short term.
In fact, as early as February 8 this year, the Hong Kong government issued a public consultation document on legislative proposals for regulating virtual asset over-the-counter transactions, namely the virtual asset OTC consultation document. The document clearly shows the position and purpose of the Hong Kong government, which aims to establish a licensing system for virtual asset over-the-counter trading service providers supervised by the Hong Kong Customs through the amendment of the Anti-Money Laundering and Terrorist Financing Ordinance. Moreover, the system is extremely strict. OTC service providers can only carry out related business if they obtain a license issued by the Hong Kong Customs.
On April 12, the consultation document completed the collection of public consultation opinions. In the blink of an eye, more than two months have passed, and the relevant legislation is about to be finalized. It is not difficult to predict that once the legislation is implemented and the OTC licensing system is established, offline OTC stores in Hong Kong may conduct KYC certification for customers in accordance with legal requirements. At the same time, in-depth inquiries and preliminary reviews of customers' sources of funds will be conducted in accordance with the regulatory provisions of AMLCTF.
Considering the relevant regulatory policies of the mainland and Hong Kong's own compliance policies, after the implementation of the licensing system, due to multiple compliance factors, physical stores in Hong Kong may not provide entry and exit services for cryptocurrencies for mainland customers. Of course, this is just a reasonable speculation based on the current situation. The specific situation still needs to wait for subsequent legislation and actual implementation. The future is full of uncertainty, let us wait patiently and pay close attention to the development of this field. #币安合约锦标赛
