April

Hong Kong authorities have launched a public consultation on legislative proposals to introduce a licensing regime for providers of over-the-counter (<a href="https://crypto.news/tag/OTC/" target="_blank" rel="noopener noreferrer nofollow">OTC</a>) virtual asset (VA) trading services.
According to <a href="https://www.info.gov.hk/gia/general/202402/08/P2024020800238.htm?fontSize=1" target="_blank" rel="noopener noreferrer nofollow">the Hong Kong government</a>, some fraud cases have shown the involvement of VA OTC operators, hence the need to regulate OTC services under AMLO to reduce money laundering and financing risks.
The consultation proposes <a href="https://crypto.news/hong-kong-urges-crypto-investors-check-platform-licenses-before-deadline/" target="_blank" rel="noopener noreferrer nofollow">requiring a license</a> from the Commissioner of Customs and Excise (CCE) for any person carrying on a business providing spot trading services for any virtual assets for money in <a href="https://crypto.news/how-hong-kong-became-the-new-hub-for-cryptocurrencies/" target="_blank" rel="noopener noreferrer nofollow">Hong Kong</a>. In addition, the government is proposing coverage of all VA over-the-counter services, giving CCE oversight authority over licensees’ anti-money laundering and anti-terrorist financing activities. The consultation will last two months until April 12, 2024.
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Last October, the Hong Kong Securities and Futures Commission <a href="https://crypto.news/hong-kongs-regulatory-approach-criticized-as-licensed-to-be-killed/" target="_blank" rel="noopener noreferrer nofollow">announced</a> that it was updating its policy on virtual currency sales and related requirements due to market events and requests for sides of the industry.
According to the department’s new standards, virtual assets are treated as complex products and are subject to the same rules as similar financial products. The commission cites cryptocurrency exchange-traded funds (<a href="https://crypto.news/tag/etf/" rel="noopener noreferrer nofollow">ETFs</a>) and products issued outside of Hong Kong as examples of complex products.
You might also like: <a href="https://crypto.news/hong-kong-crypto-regulation-market-evolution/" rel="noopener noreferrer nofollow"> Hong Kong asserts rigorous crypto regulations amid market evolution </a>

Hong Kong announces consultation on crypto and fiat swaps

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