CandleFocus Hong Kong Strengthens Crypto Regulation with New Oversight for OTC Trading
2024-09-12
Author: Content Editor
Hong Kong is considering involving the Securities and Futures Commission (SFC) and the Customs and Excise Department (C&ED) to regulate over-the-counter (OTC) virtual asset trading services. This move comes after a significant loss of HK$1.6 billion from crypto scams last year, with physical OTC shops being identified as major facilitators of fraudulent activities. The SFC is working with the government and other regulators to establish a regulatory environment for the virtual assets industry. Hong Kong is also refining its approach to the crypto industry, including approving spot ether ETFs and working on a regulatory framework for stablecoins.
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