Hong Kong Tightens Regulations on OTC Cryptocurren

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Hong Kong has issued new encryption regulations, and OTC withdrawals are blocked!

Recently, Hong Kong announced that it plans to promulgate new rules to ban over-the-counter OTC exchanges.

Crypto enthusiasts who often go to Hong Kong may know that there are many crypto exchange shops scattered on the streets of Hong Kong. Users can freely exchange between cash and cryptocurrencies without KYC – no questions asked. However, according to recent news from the Hong Kong Securities Regulatory Commission, this convenient withdrawal method is about to be blocked. Under the new regulatory framework, OTC trading firms “will either have to cease cryptocurrency business or apply for a new license.”

On February 2, 2024, Hong Kong Secretary for Financial Services and the Treasury, Hui Ching-yu, said that the government believes that it is necessary to bring virtual currency over-the-counter exchanges (OTC) into supervision, and will launch a consultation on the proposed regulatory framework in the short term, and hopes that the public and actively express opinions with stakeholders. In the following days, on February 8, the Hong Kong government launched a public consultation on the legislative proposal to establish a licensing system for virtual asset over-the-counter trading service (OTC) providers. The consultation period ended on April 12.

According to the legislative proposal, Hong Kong plans to establish a licensing system under the customs department for online platforms and offline entities including ATM machines. Anyone engaging in business related to any virtual asset spot trading services in Hong Kong must apply to the Commissioner of Customs and Excise. To obtain a license, licensed virtual asset over-the-counter trading operators must comply with the anti-money laundering and counter-terrorist financing requirements and other regulatory requirements stipulated in the Anti-Money Laundering Ordinance. In short, cryptocurrency over-the-counter trading providers need to collect customer records and add staff to monitor improper trading behavior, and the previous KYC-free era has officially come to an end.

Hong Kong Bitcoin ETF demand surges

HODL15Capital stated on social media that demand for Hong Kong Bitcoin ETFs has surged. Although Bitcoin trading is not allowed in mainland China, Chinese financial institutions can invest in Bitcoin ETFs in Hong Kong.

The application deadline for Hong Kong’s virtual asset supervision platform license ended yesterday

According to news on March 1, the Hong Kong Financial Times reported that the application deadline for Hong Kong’s virtual asset supervision platform license ended on February 29, and a total of 22 companies submitted applications. Previously, the Hong Kong Securities and Futures Commission stated that if relevant service providers fail to submit a license application before the deadline, they need to end their business in Hong Kong on or before May 31.

热点： KONG OTC