Hong Kong launches public consultation on licensing regime for over-the-counter virtual asset trading service providers
The Hong Kong government announced that the legislative proposal for establishing a licensing system for virtual asset over-the-counter trading service providers will begin a two-month public consultation, with a deadline of April 12th, 2024. This legislative proposal aims to improve the regulatory framework for virtual asset activities and promote the sustainable development of virtual assets and Web3 based on the principle of "same business, same risk, same rules". The proposal includes requiring businesses that provide any virtual asset and cash trading services in Hong Kong to apply for a license from the Commissioner of Customs and Excise, covering all over-the-counter trading services, whether provided through physical stores or other platforms. In addition, the Commissioner of Customs and Excise will be empowered to supervise compliance by licensed persons and enforce the statutory and regulatory requirements of the new system. The government stated that this is to address the risks of money laundering and terrorist financing and protect investors. The public and stakeholders can submit their opinions to the Financial Services and the Treasury Bureau by mail or email.
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