Bitcoin

Hong Kong is <a href="https://www.scmp.com/tech/blockchain/article/3278116/new-hong-kong-crypto-scheme-could-see-changes-sfc-involvement-otc-rules" rel="noopener noreferrer nofollow">reevaluating</a> its approach to managing over-the-counter (OTC) virtual asset services. Plans are underway to potentially engage the Securities and Futures Commission (SFC) alongside the Customs and Excise Department (C&amp;ED) for better oversight.The SFC is currently consulting the industry on the establishment of a new licensing regime. This agreement has a mutual purpose of increasing the ability of SFC and C&amp;ED to enforce laws better. Early considerations reveal that these efforts remain promising and to be preferred to develop depending on what the players in the industry provide.Under the prior proposal of February, only the C&amp;ED was going to oversee the regulations concerning OTC services. Two parties usually transact large quantities using OTC platforms, and they do it outside the public.<h2 id="header-0">Custodial Service Regulations</h2>Apart from the OTC services, the SFC has started discussions concerning the regulation of cryptocurrency custodial services. The purpose is to administer capable and precise regulations. This will aid in achieving long-term development of the virtual asset market in Hong Kong. An SFC spokesperson emphasized the commission’s commitment to collaborating with other regulators and the government to achieve these goals.<a href="https://cryptotale.org/hong-kong-enhances-otc-crypto-regulation-and-oversight/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Hong Kong Enhances OTC Crypto Regulation and Oversight

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