According to Wu Shuo, the Hong Kong Securities and Futures Commission and the Treasury Department have published a consultation document requiring virtual currency trading, withdrawals, and fiat currency conversion activities to apply for licenses, and to bring virtual asset over-the-counter trading platforms under supervision. The new regulations require trading service providers to have a minimum paid-up capital of 5 million yuan, and custodians to have a minimum paid-up capital of 10 million yuan, and must have two responsible persons approved by the Securities and Futures Commission.