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<ul class="news-points"> 
 <li>Hong Kong implements stringent regulatory norms to restrict over-the-counter (OTC) providers.</li> 
 <li>While the OTC platforms play a significant role in crypto transactions, they are suspected of promoting illegal crypto activities.</li> 
 <li>The new rules are expected to lead to consolidation and a reduction in the use of OTC platforms in illegal crypto trades.</li> 
</ul> 
Hong Kong has <a href="https://www.bloomberg.com/news/articles/2024-02-26/hong-kong-prepares-sweeping-rules-to-throttle-stealthy-crypto-purchases?srnd=all" target="_blank" rel="nofollow">reportedly</a> initiated the implementation of stringent regulatory norms restricting over-the-counter (OTC) providers in an attempt to reduce illicit crypto trading activities. Chengyi Ong, APAC policy head at Chainalysis, commented that the regulatory framework would lead to “consolidation and a reduction” in malicious actors’ use of OTC platforms. 
According to Chainalysis data, around 450 shops, ATMs, and other online platforms across Hong Kong have been facilitating OTC crypto trades. While these platforms play a major role in digital transactions throughout the city, they are also suspected of promoting banned crypto activities. Carlton Lai, Head of Blockchain Research at Daiwa Capital Markets, commented, 
<blockquote class="wp-block-quote"> 
 The decentralized nature of crypto makes the industry very hard to regulate. There are numer…
</blockquote>
The post <a href="https://coinedition.com/hong-kongs-new-crypto-policies-tackle-illicit-otc-crypto-trade/">Hong Kong’s New Crypto Policies Tackle Illicit OTC Crypto Trade</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Hong Kong’s New Crypto Policies Tackle Illicit OTC Crypto Trade

Coin Edition

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