Exclusive | New Hong Kong crypto scheme could see changes with SFC involvement in OTC rules

A previous proposal had OTC cryptocurrency shops under the excise department, but some complained about confusing virtual asset rules, sources say

Hong Kong is exploring whether to have the Securities and Futures Commission (SFC) involved in regulating over-the-counter (OTC) virtual asset trading services, along with the Customs and Excise Department (C&ED), as the city struggles to regulate the industry.

The SFC has sought opinions from industry players about potentially putting in place a new licensing regime for cryptocurrency OTC services, which will see the securities regulator work with the C&ED to oversee these companies, according to people familiar with the matter who declined to be named because the discussions were private.

Hong Kong has also faced criticism within the crypto industry over regulations that some see as too onerous. Several large crypto exchanges withdrew their licence applications this year, while platforms that have been allowed to continue operating in the city have yet to receive a full licence since the application deadline in February.
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